Mahindra acquires Italian auto design firm

New Delhi, Jan 8 (UNI) Mahindra&Mahindra Ltd, country's top utility vehicle maker, today said it has acquired an Italian auto design and engineering firm ''G R Grafica Ricerca Design'' (GRD) to increase its presence in the overseas markets.

The transaction is expected to close by the end of this month, company said in a statement.

''This acquisition will help us strengthen our existing design capabilities, help us emerge as a global auto design powerhouse (and) provide a solid European footprint,'' company's President (automotive unit) Pawan Goenka said in a statement.

However, the financial details of the deal to acquire the six-million-euro Turin-based GRD were not disclosed.

The company will be named Mahindra Graphic Research and Design.

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