Automotive News has reported, citing a Bloomberg report, that Mahindra & Mahindra is close to finalising a deal to buy Italian auto styling house and engineering company Pininfarina. However, talks have been happening for weeks, are still ongoing, and could still fall apart, according to people familiar with the matter.

The involvement of India’s largest SUV maker here isn’t entirely out of this world, as it cooperates with Pininfarina on SUV development, and has worked before on the REVA Halo electric sports car concept (below) for last year’s Delhi Motor Show.

Founded in 1930, the hallowed house behind the aesthetics of wheeled greats such as the original Jaguar XJ6, Rolls-Royce Camargue, two-door bodystyles of the Peugeot 504 and – of course – a host of Ferraris, Fiats, Alfa Romeos and Maseratis, needs little introduction.

mahindra-reva-halo 047

Recent times have seen the BMW Pininfarina Gran Lusso Coupe and Pininfarina Sergio (which became the six-unit-only Ferrari Sergio), but the Turin-based firm has lost money in 10 of the past 11 years, due to debt and a dwindling business to build cars for other companies.

Mahindra’s entry could be just the thing for Pininfarina, while the Italian firm could inject some flair into Mahindra and SsangYong models (the Indian company bought SsangYong in 2011).

Meanwhile, Italian tyre maker Pirelli is set to be acquired by China National Chemical Corp (ChemChina) in a 7.1 billion euro (RM28.6 billion) deal.

Pininfarina Sergio concept