Indian automaker Mahindra & Mahindra is set to have agreed to purchase struggling Italian design house Pininfarina in the coming weeks.

Mahindra has been in talks with Pininfarina for many months and after a lot of negotiation, a deal is believed to have been agreed upon.

At this stage, no figure has been made public about just what Mahindra has spent on purchasing Pininfarina. Recently however, the design company was valued at around 149 million euros and at the moment, has 52.7 million euro of debt.

Autocar reports that the deal with see Pininfarina’s shares being sold as well as a thorough reorganisation of the company’s debt.

Ever since being founded in 1930, Pininfarina has designed about 100 Ferrari models and has long been a household name. It has also been responsible for producing a number of limited-run models, most recently the Ferrari Sergio introduced at Geneva in 2013, based around the 458 Spider and limited to just six units worldwide.

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