Looks like Indian conglomerate is taking up automative names for a big global push soon. Italian car designer Pininfarina has just been acquired by Indian automaker Mahindra and Mahindra and the inking of the deal will be in the next few weeks.
Pininfarina which was founded in 1930, has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac. It has been unprofitable for 10 of the past 11 years while struggling with debt and a floundering division that built cars for other manufacturers, a business it shut three years ago. Its net debt stood at 52.7 million euros at the end of the first half.
The designer has been struggling to stay in business as carmakers moved to hire more in-house stylists at the expense of independent design firms.
