Indian automobile manufacturer, Mahindra has been in the hunt to acquire an international automobile brand for a while now.
Over the years they were in running to buy several popular brands, which were globally recognised. Mahindra, however, has been unlucky and several of their deals have fallen apart.
Pininfarina had recently announced that it would be selling a few of its stock. Mahindra was known to be among the top runners to acquire Pininfarina stocks, which would benefit both.
Currently Pininfarina has debt of USD 97 million and Mahindra was expected to pay off only half of it. This agreement was rejected and the Indian manufacturer is out of the race.
The Italian design company will now how to look out for another option to save itself from bankruptcy. So far no details have emerged if any other company is interested in buying Pininfarina.
Pininfarina is known for designing many of the exquisite models that we admire. They have helped in design of Ferrari, Alfa Romeo, Maserati, Peugeot, Fiat and many more. Stay tuned for more updates as and when we know about them.