Mumbai, Jan 8: Auto major, Mahindra &Mahindra Ltd has signed a binding agreement to acquire the business of G R Grafica Ricerca Design S.R.L (GRD), an Italian auto designing, body engineering and feasibility and styling company based out of Turin, Italy.
With this acquisition, the company intends to develop a global design centre for the group and cater to global auto OEMs. The company would acquire the said business through a subsidiary to be newly incorporated and proposed to be named as Mahindra Graphic Research and Design (MGRD). ''The synergy resulting from this acquisition, will not only help us strengthen our existing design capabilities but will also help us emerge as a global auto design powerhouse.'' said Dr. Pawan Goenka, President, Automotive Sector, of the Company.
GRD is one of the leading Companies based out of Turin, Italy, which executes designing, body engineering and feasibility and styling work for leading auto OEMs and designing companies based out of Europe and Asia. The company employs a team of 60 experienced people with technical competence and experience across various designing segments.
GRD has developed skill sets in body and trim design areas. For the year 2007, the revenues of GRD were around 6 million. The current GRD management team will continue to drive all operations for MGRD. The transaction is expected to close by end of January 2008.