Report: Mahindra on the verge of buying Pininfarina
AutomotiveNews Europe reports Mahindra is on the heels of buying renowned Italian design firm, Pininfarina.
Over the past couple months, India-based Mahindra-Mahindra has been in talks with Pininfarina for a joint-venture where Mahindra would simply buy the design firm as a controlling shareholder.
Pininfarina has been in a little bit of trouble after the company’s founder, Sergio Pininfarina, passed away a little while ago and in 2015, they posted a pretty large net debt of around 52.7 million.
The deal would not only give Mahindra full control of the company, but it would help them relieve some of their debt.
Pininfarina has been struggling because automakers have been resorting to their in-house design teams, rather than contracting outside firms, like Pininfarina, for car design.
Though given Pininfarina’s rich history, it would be truly sad to see them go. Let’s hope India has something in store for them.
– By: Chris Chin
Source: AutomotiveNews Europe