India's Mahindra & Mahindra acquired Italian car design firm Pininfarina Monday. Pictured: The Pininfarina logo is seen at the Casa Enzo Ferrari museum in Modena, northern Italy, on March 9, 2012. Reuters/Alessandro Bianchi

Indian automaker Mahindra & Mahindra Ltd. agreed to buy Italian car designer Pininfarina SpA Monday, ending months of negotiations, according to Bloomberg.

Founded in 1930, Turin-based Pininfarina is known for designing cars for Ferrari, Alfa Romeo, Peugeot, Fiat, GM, and Maserati. Of late, the company has come under hard times, recording losses in 10 of the past 11 years and amassing debt of upto half its market value. The company registered net debt of 47.4 million euros ($52.1 million) at the end of September.

Mahindra reportedly purchased the company to improve its automotive design following its acquisitions of South Korean carmaker Ssangyong Motor and the motorcycle unit of French auto manufacturer PSA Peugeot Citroen.

The designer already cooperates with Mahindra on SUV development and worked with it on the Halo electric sports-car concept unveiled last year. Earlier in December, sources told Bloomberg that Mahindra may invest as much as 150 million euros ($164 million), including debt and fresh capital, to revive the designer.

Trading on Milan-listed Pininfarina’s stock was suspended citing a pending announcement while Mahindra & Mahindra’s stock was up 2.52 percent in India.