Pininfarina, a subsidiary of Tech Mahindra, is preparing to escalate the growth of the company. As a result, the engineering firm, Pininfarina is scouting for acquisitions in Europe as well as in the US. The decision has been led so as to achieve the $ 1 billion target in the coming 3-4 years, as reported by the Indian daily news.
Silvio PietroAngori, CEO at Pininfarina, told the Indian daily news that owing to the demand of hybrid and electric vehicles, the engineering firm has entered into a spot where it is actively aiming for a threefold expansion, against the erstwhile target.
When we were up for sale, we were not getting long-term contracts. Since Mahindra came on board, not only are we getting longterm contracts but also repeat orders from multiple customers, said Silvio PietroAngori.
Till now, Pininfarina has shown optimal financial performance along with 15 per cent growth rate. However, the engineering company desires to expand faster and procure a business company, said Angori.
We can continue to grow at 20 per cent, but we want much more. As we are back on the growth path, we can use conventional levers as well as financial levers. We have shareholders who are suggesting we should grow. We can go through various means internal accruals, debt, and equity. Our debt-equity ratio is below 0.5, added Angori.