Mahindra and Mahindra

Mahindra group, with interests in automobiles, finance and IT services, has agreed to buy Italian car designer Pininfarina for about 33 million euros ($36 million) to boost its design capabilities.

The deal will be done via a new unit in which automaker  Mahindra & Mahindra Ltd will hold 40 percent and Tech Mahindra, the IT outsourcing arm, will own the remaining 60 percent stake, the company said on Monday.

Milan-listed Pininfarina has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac.

The Mahindra joint venture will acquire 76.06 percent of Pininfarina for 1.1 euros per share and will also make an open offer to public shareholders for the remaining 23.94 percent stake at the same price, the company statement said.
($1 = 0.9103 euros)



By Adam