Renowned automotive design firm Pininfarina will reportedly be owned by Indian auto giant Mahindra & Mahindra some time in the future.

According to Reuters, Mahindra is already close on sealing the deal in buying the loss-making design house and that the two companies have been in talks for weeks now. But sources close to the matter also told the news agency that both parties are still far from an agreement and there is still a chance that negotiations between the two may fall apart.

Both Mahindra and Pininfarina declined to comment as they treat the news as market rumor.

Reuters added that Pininfarina (who also does building and interior design) has been loss-making for years since most automakers nowadays have in-house car designers at the expense to hire services of an independent design firm. Its net debt is reportedly at EUR 45 million and may continue to rise.

Source: Reuters