Indian manufacturer Mahindra has just completed its acquisition of famed Italian design house Pininfarina with a buyout worth about $28 million.
The Mahindra Group itself includes a selection of smaller firms. Those who have acquired a controlling stake in Pininfarina are Tech Mahindra Limited, a provider of IT and engineering solutions and automaker Mahindra & Mahindra.
The newly signed deal, which has been in the works for months, will see Mahindra purchase a 76.06 per cent share in Pininfarina, with those shares coming from existing shareholder Pincar. In the near future, Mahindra is hoping to make an offer for the remaining 24 per cent of Pininfarina.
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