Tech Mahindra Limited and Mahindra & Mahindra have jointly entered into an agreement with PincarS.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design.

Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot.

This will mean an opportunity for Tech Mahindra to influence product conceptualization and design & styling through Europe's best-in-class design house.

Terms
As part of the agreement, Tech Mahindra and M&M shall purchase 76.06 % of Pininfarina shares from the current controlling shareholder PincarS.r.l. at a price of Euro 1.1 per share. This investment by Tech Mahindra and M&M shall be done via a joint venture company ("JVCo"), whose ownership shall be held 60 % by Tech Mahindra and 40 % by M&M.

This will be followed by an open offer for all the remaining ordinary shares of Pininfarina, at the same purchase price paid for the shares held by Pincar. A rights issue to infuse funds into the design & styling major will also be executed before the end of 2016.

Pininfarina will continue to remain an independent company, listed on the Milan Stock Exchange, with Paolo Pininfarina continuing as the Chairman of its board.

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