Mahindra closing in on Pininfarina bid

Few weeks ago, we reported about a possible acquisition of Pininfarina by Mahindra. However, both the companies refused to share any information about this development, until now.

The chairman of Pininfarina, Paolo Pininfarina recently hinted about a possible tie-up with the Indian manufacturer. He said that the official news might come out after Mahindra submits a formal bid for the Italian brand by April 29.

"We don't rule out that there will be news soon, but we are not confirming it," said Paolo Pininfarina.

As per sources, Mahindra's offer was expected to have the backing of Pininfarina's controlling shareholder Pincar that has a 76 per cent stake in the company. The offer would still need to be approved by Pininfarina's creditor banks.

Over the last few years, Mahindra has been strengthening its portfolio in order to have an edge over other manufacturers. The company has already been working with Pininfarina for some of its vehicle design, but with this acquisition, Mahindra might hit the right chord and at the same time we might see a radical design change in future Mahindra vehicles.