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Indian Car makers Tata, fresh from acquiring Land Rover and Jaguar, have formally expressed intent to acquire minority stake in renowned design house Pininfarina. Pininfarina is famous for the designs that they have made for several sports car makers across the world, most notably for Ferrari.

Its stunning body of work however, has not made it immune from the disastrous spell currently gripping car markets across the world. Pininfarina’s losses amounted to an eye popping 115 million euros last year, a massive leap from the 22 million euros it had lost in the previous year. Pininfarina’s fortunes are hampered by the fact that most car manufacturers these days prefer to design cars themselves, rather than having it outsourced to a design house.

To tide over these rocky times, the Italian design house, Pininfarina, have announced a 100 million euros capital increase of which French industrial group Bellore intends to be a part, as does Indian maker Tata. Pininfarina is currently owned by the Pininfarina family, who hold a 55% stake in the company. Their stake will shrink to 30% after the capital increase.

Last week, the Tatas and Pininfarina, signed a deed of intent, to establish a research, design and engineering center in Pune, India. Pininfarina will hold a majority stake at the centre and will be allotted managerial responsibilities, while Tata will support the center with contracts.

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