The negotiations are advanced and were confirmed by Pincar main shareholder Pininfarina. Indian Mahindra could become the new owner of Italian firm .
P roperty of the Pininfarina family Pincar which owns 76% shares of the company assured through a statement that no binding agreements between the parties in connection with an purchase by Mahindra .
The same source said they have been considering various options regarding the development of the company and among them is an eventual sale of its stake .
Those close to the parties said they Mahindra is approaching buying Pininfarina after several weeks of talks. However, negotiations continue and could yet come to fruition.
Pininfarina has been losing money for years and currently has a bank debt is almost equal to its market value. But after the confirmation of a possible acquisition, its shares rose 26% yesterday.
Founded in 1930 Pininfarina which has its headquarters in Turin classic car designed for brands such as Alfa Romeo and Ferrari . However in recent years, manufacturers are inclined in favor of its own designers, leaving little room for independent design companies can exercise their work.
Therefore the company has expanded its work to include the design of buildings, interiors, furniture and electronics devices, but nevertheless reported in 2014 a net loss of 1.3 million euros, with an accumulated in red and reaches 45 million euros .
Mahindra took SsangYong Motor in 2010 and in 2014 retained a majority stake in the motorcycle division of PSA. Furthermore it is currently one of the main customers Pininfarina which come under its wing could serve to shape future models.