Tuesday, December 15, 2015
By Kriti Gupta
M&M cars to follow design pattern acquisitioned from Italian designer Pininfarina
If everything goes according to strategy determined by domestic car maker M&M, soon you will find vehicles manufactured under its flagship inspired by Italy based renowned car designing firm and coachbuilder Pininfarina SpA. It is reported that Indian car maker M&M is going to acquire 76.06 % of shares from Pincar S.r.l. The process of acquisitioning these shares will continue till June 2016.
According to reports of these 76.06 shares 60% shares will be acquired by Mahindra Tech whereas the remaining 16.06% of shares will be owned by Mahindra and Mahindra. During the process of acquisition the minority shareholders will be provided with an open offer to infuse funds in Pincar till June 2016. The Pincar group will however continue to be listed as an independent group on the Milan Stock Exchange, headed by existing Chairnam Mr. Paolo Pininfarina. The Italy based car designing company has succeeded in designing cars for renowned car manufacturers including Fiat, Ferrari, Peugeot, Lancia, Maserati, Alfa Romeo, and GM.
Commenting on this acquisition Mr. Anand Mahindra, Chairman Mahindra Group said, "Pininfarina will add enormous value to Tech Mahindra's portfolio of engineering services. The legendary high-end design credentials of Pininfarina will significantly enhance the design capabilities of the entire Mahindra Group”. It would be interested to know that it is not for the first time that domestic car maker has acquisitioned any company in 2011 the car maker signed a treaty with South Korean car manufacturer Ssang Yong Motor Company. Even last year in 2014 M&M acquired French bike maker PSA Peugeot Citroen.