After failing to secure a deal in acquiring troubled design firm Pininfarina last July, Mahindra & Mahindra is now reportedly close in purchasing the Italian design studio after being able to make a new proposal.

According to Automotive News, people close to the matter said that both companies will finalize the negotiations in the next few days. Official purchase price is yet to be discussed as well on how to address Pininfarina's debt which is now EUR 87 million (about PhP 4.57 billion).

If the deal goes through, Pininfarina will be Mahindra's latest acquisition besides Ssangyong, and the scooter manufacturing firm of PSA Peugeot-Citroen.

As mentioned earlier, Mahindra's bid to buy Pininfarina was rejected 2 months ago by several Italian banks as the previous deal mentioned that it would erase half of Pininfarina's debt. The two companies then apparently resumed negotiations at the start of September and have now agreed on the new terms.

Source: Automotive News