Tatas to take stake in Italian auto designer Pininfarina

24 April 2008

Italian auto designer and contract vehicle manufacturer Carozzeria Pininfarina today said that the Tata's have expressed an interest in participating in the company's planned capital increase to finance its forthcoming operations.

The company plans to introduce a range of luxury electric vehicles in 2010 covering virtually every segment and plans to raise up to €100 million in mid 2008

At an analyst's presentation of its industrial plan the Italian design firm disclosed that Tata Industries' chairman  Ratan Tata has expressed an interest in the Tata Group companies participating in Pininfarina's planned capital increase with the subscription of a portion of the options that will be assigned to the Pininfarina family.

In addition, the Tatas and Pininfarina have signed a letter of intent for Tatas also participating as a minority stakeholder in a  research, design and engineering centre that Pininfarina plans to start in Pune by the end of 2008 and take it operational next year. Pininfarina will be the majority shareholder with management responsibility.

''This agreement witnesses the great attention Pininfarina is dedicating to an emerging and highly developing market such as the Indian one,'' said the founder's grandson Andrea Pininfarina, the chairman and CEO of the Italian firm.

''Thanks to our partner, one of the worldwide major automotive manufacturers with strong roots on the Indian market, we will reach a higher excellence level in the design and engineering sectors,'' he added.