PIN­IN­FA­RINA TURN­AROUND IS ‘UN­FIN­ISHED STORY’

Financial Chronicle - - PLAN, POLICY - DAN LIEFGREEN & DANIELE LEPIDO

Anand Mahin­dra, chair­man of Mahin­dra & Mahin­dra Ltd said he wants to main­tain Pin­in­fa­rina’s list­ing and has no plans to sell it

The re­vival of Pin­in­fa­rina SpA, the iconic coach-builder fa­mous for de­sign­ing Fer­rari sports cars, is ahead of sched­ule, though the turn­around is an “un­fin­ished story,” said Anand Mahin­dra, chair­man of the group that bought the Ital­ian com­pany three years ago.

Pin­in­fa­rina, founded in 1930 by Bat­tista “Pinin” Fa­rina, is boost­ing profit and win­ning or­ders for clients in­side and out­side the car in­dus­try, in­clud­ing de­sign con­tracts for a Sukhoi air­liner and Princess yachts. It’s on track to present its PF Zero elec­tric car at the Geneva auto show next year.

“I think there’s even more po­ten­tial,” said Mahin­dra, chair­man of M& M, which runs $21 bil­lion of busi­nesses rang­ing from ve­hi­cles to telecom­mu­ni­ca­tion to hol­i­day re­sorts. “De­sign is now go­ing to be what makes com­pa­nies win, the idea of ac­quir­ing this com­pany was that we are go­ing to fin­ish the story,” he said in an in­ter­view in Mi­lan. Mahin­dra said he ex­pects pos­i­tive ful­lyear earn­ings after the com­pany posted stronger fig­ures for the first nine months com­pared with the year be­fore. The shares are up about 10 per cent this year and traded at 2.2 eu­ros on Thurs­day in Mi­lan, com­pared with Mahin­dra’s pur­chase price of about 1.10 eu­ros each. Mahin­dra said he wants to main­tain Pin­in­fa­rina’s list­ing and has no plans to sell it.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.