Indian engineering firm Tech Mahindra have purchased 76.06 per cent of stakes in Italian design and consulting firm Pininfarina.
Tech Mahindra have purchased 76.06 per cent of stakes in the Italian design firm Pininfarina from erstwhile majority stakeholders, Pincar S.r.l. At an agreed price of € 1.1 per share (approximately Rs 82). The deal was struck by a new entity, JVCo which is owned 60 per cent by Tech Mahindra and 40 per cent by Mahindra & Mahindra. The remainder of the shares will be available at the same price from Pincar S.r.l. Following the deal, Pininfarina will continue to remain an independent company and will be listed on the Milan Stock Exchange with Paolo Pininfarina as the Chairman of its board.
The deal will allow Mahindra access to Pininfarina’s rich 85-year old design heritage and technical know-how. Pininfarina on the other hand stands to gain access to the 90 countries where Mahindra has presence and 780 odd corporate customers.
