Indian billionaire Anand Mahindra's conglomerate bought Italian car designer Pininfarina on Monday as the group looks to add flair to its offerings while continuing its push into Europe.
Tech Mahindra, the IT focused arm of the acquisitive Mahindra group, and Mahindra & Mahindra, the company's auto business, together bought the iconic Italian brand for roughly €33m ($36.31 m)
The Indian companies will buy a 76 per cent stake in Pininfarina's holding company Pincar for €1.10 per share, or about €25m. They plan to make an open offer for the rest of the shares listed on Milan's stock exchange at the same price.
The deal is the largest to date for Mahindra in Europe, and insiders suggested it was a way for the Indian conglomerate to enter the European car market in the longer term using the Pininfarina brand.