Mahindra to shut Pininfarina Engineering as part of strategy to exit loss-making ventures
SECTIONS
Share
Synopsis
The decision to liquidate Pininfarina Engineering came after it incurred losses to the tune of € 150 million (Rs 1,340 crore, approx.) after two international projects fell through, one each with an Iranian and a Chinese company, Italian media reported.
Getty Images
Mahindra and Mahindra and Tech Mahindra jointly-acquired automotive design firm Pininfarina in 2015. The company has designed cars for iconic carmakers like Ferrari, Alfa Romeo, Maserati and Peugeot.
Mumbai: Tractor to software conglomerate
Mahindra Group’s IT arm
Tech Mahindra is liquidating Pininfarina Engineering, a unit of its Italian subsidiary Pininfarina SpA, citing strategic irrelevance of the business and poor market visibility.