Rumour: Mahindra looking to take over Pininfarina

After the acquisition of Korean automaker SsangYong and French two-wheeler manufacturer Peugeot, Indian utility vehicle manufacturer Mahindra, is rumoured to be considering taking over Italian automobile design firm Pininfarina.

According to a report by Live Mint, talks between the two companies are in progress. For 10 out of the past 11 years, Pininfarina has been struggling with debt. This year, its shares have risen 28% and the company is valued at € 121 million ($ 133 million). If the deal does go through, the Turin-based company would be the latest in the line of Italian companies to fall into foreign hands.

Pininfarina started operations in 1930. Over the years, it has designed cars for renowned manufacturers such as Ferrari, Rolls-Royce, Alfa Romeo, Cadillac and Maserati among others. The company has also been working with Mahindra on development of SUVs and has played a part in designing the Halo electric concept car, which was showcased at the 2014 Auto Expo.

Three years ago, Pininfarina discontinued large scale production for car manufacturers and shut down its factories. At present, apart from cars, it is designing residential apartment towers, vending machines and toothbrushes among others.