Mahindra & Mahindra Ltd. (M&M), plans to introduce a compact SUV, Mahindra KUV100, in mid- January 2016. Designed in-house and engineered at Mahindra’s research and development facility, the Mahindra Research Valley at Chennai, the KUV100 is under production at the company’s manufacturing plant at Chakan.

The company also unveiled a new engine family named mFALCON, marking its entry into the petrol space.

“We are all set to create a new segment with the launch of the KUV100 which also marks our foray into ground up petrol engines. An ambitious project from the very start, the KUV100, is all set to carve its niche amongst first time car buyers with its unique propositions. I am confident that the KUV100, like its predecessors, will become an extremely popular brand and will be cited for taking Mahindra to a whole new orbit,” Pawan Goenka, Executive Director, M&M, said.

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Milan-listed Pininfarina designed cars for Ferrari, Maserati, Cadillac and Rolls-Royce

Tech Mahindra and Mahindra and Mahindra Ltd, part of the Mahindra Group, have agreed to buy Italian car designer Pininfarina S.p.A. in an all-cash deal.

60:40 joint venture

Tech Mahindra and Mahindra and Mahindra have formed an 60:40 joint venture for the acquisition of Milan-listed Pininfarina, which has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac.

The joint venture would acquire 76.06 per cent in Pininfarina from its controlling shareholder Pincar S.r.l at a price of euro 1.1 per share or 25.3 million euros, the companies said in a statement.

At the same price of euro 1.1 per share, the joint venture would buy out the remaining 23.94 per cent ordinary shares of Pininfarina, through an open offer.

The JV, will also infuse 20 million euros into Pininfarina by way of a rights issue, which would be executed before the end of 2016.

Pininfarina has been unprofitable for 10 of the past 11 years while struggling with debt. The firm had a consolidated revenue of 86.6 million euros in 2014.

Tech Mahindra and Mahindra and Mahindra have also signed definitive agreements with the lenders, creditors and lessors of Pininfarina to restructure the existing debt.

Tech Mahindra and M&M on a joint and several basis, provide a corporate guarantee not exceeding 114.5 million euros to the lenders, creditors and lessors of Pininfarina.

“Pininfarina will add enormous value to Tech Mahindra’s portfolio of engineering services. But just as important is the fact that the legendary high-end design credentials of Pininfarina will significantly enhance the design capabilities of the entire Mahindra Group.

Given the increasing design sensibilities of today’s consumers, product, design will greatly influence customer choice and experience and hence our success,” Anand Mahindra, chairman of the Mahindra Group said in statement.

Pininfarina will continue to remain an independent company, listed on the Milan Stock Exchange, with Mr. Paolo Pininfarina continuing as the chairman of the board, the companies said.

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