Mahindra Seals the Deal: Acquires Pininfarina

Mahindra & Mahindra, along with its associate Tech Mahindra Ltd has acquired a 76.06 percent stake in Pininfarina. The deal has been concluded at $185 million and according to the agreement, Mahindra would buy 76.06 percent of shares from Pincar for Euro 1.1 per share.

The joint venture between Tech Mahindra and Mahindra’s automotive division would invest 60 % and 40 % respectively into the deal. The remaining shares would be open at the same price as that of the ones acquired from Pincar.

Mr Anand Mahindra, CEO Mahindra Group said, "Pininfarina will add enormous value to Tech Mahindra’s portfolio of engineering services. But just as important is the fact that the legendary high-end design credentials of Pininfarina will significantly enhance the design capabilities of the entire Mahindra Group. Given the increasing design sensibilities of today’s consumers, product design will greatly influence customer choice and experience, and hence our success”.

Mr CP Gurnani, CEO and MD, Tech Mahindra said, “Our clients want more from us, consistently. Adding Pininfarina’s legendary design skills to our Integrated Engineering Solutions enables a strong entry into Automotive styling, design & development and reinforces our body engineering capabilities. Further, Pininfarina’s 25-year design expertise in industries beyond Automotive will give us that winning edge in areas such as Aerospace, Consumer Electronics, Architecture & Interiors and Transportation where we already have a strong footprint”.

Source - Mahindra acquires Pininfarina design house | Autocar India