Pininfarina has been sold to Indian conglomerate Mahindra & Mahindra in deal worth around 185 million euros. Pininfarina has long been closely associated with Ferrari, the design consultancy has also rendered its services to a host of automotive manufactures keen to use its flair for automotive design.

Mahindra & Mahindra have been on a spending spree of late, recent acquisitions include the motorcycle unit of PSA/Peugeot-Citroen as well as troubled South Korean auto manufacture Ssanyong.

Pininfarina already act as consultants on Mahindra’s SUV and electric sports car ambitions. Mahindra & Mahindra will buy 76 percent of stock and offer the remainder to the markets.

At the same time Pininfarina will get a cash injection of 20 million euros and pay off creditor debts which accounts for 114 million euros.

Mahindra’s CEO Chander Prakash Gurnani said “Pininfarina is a jewel, it will continue to be polished. It will continue to be built better now we have the financial muscles to build it.”

Pinifarina not only designed cars but also built them until three years ago before a decision was made to shut down it’s manufacturing business.

Pininfarina has been unprofitable for the past 10 years as automotive companies have scaled back on the use of external third party design consultancies.

Mahindra will at least ensure a transition of generations, Paolo Pininfarina, the grandson of the company’s founder, will retain the chairmanship.

The deal will be formalised and completed in the first half of 2016.