Mahindra & Mahindra today said it has entered into a brand licence agreement with Pininfarina for use of trademarks after closing the deal to acquire 76.06 per cent stake in the Turin-based company.
Last year Mahindra group had announced to acquire Pininfarina for an overall outgo of over 50 million Euros (nearly Rs 370 crore) after months of negotiations.
The acquisition was carried out through a special purpose vehicle (SPV). Last year the company had said that Tech Mahindra and Mahindra & Mahindra (M&M) will own 60 per cent and 40 per cent respectively in the automotive and industrial design firm.
“That the transaction has closed, the SPV has acquired 76.06 per cent stake in Pininfarina and as part of the overall transaction, the company has also entered into a brand license agreement with Pininfarina for use of trademarks owned by the Pininfarina group including licensing of brand Pininfarina for automotive products of the company,” Mahindra & Mahindra said in a regulatory filing.
The Mahindra counter ended 0.6 per cent down at Rs 1,327.50 on the BSE whose benchmark Sensex continued its upward journey for the fifth continuous trading day gaining 0.30 per cent.