2024 Aston Martin Vantage With More Powerful V8 Engine Launched At Rs...
- Apr 23, 2024
- Views : 565
Speculations over who’d be Aston Martin’s new investor have been put to rest with Italian private equity firm Investindustrial buying out a 37.5 per cent stake in the British sports car maker for €190 million (Rs 1,334 crore). Kuwait-based Investment Dar will continue to hold the majority stake in the company.
Investindustrial managed to seal the deal after M&M, which was in the bidding, pulled out of the race. The exact reasons for Mahindra’s withdrawal are not known though some reports point to M&M being put off by Aston Martin’s financial baggage to the company desiring greater control of the management. Related: Is Mahindra out of Aston Martin race?
Aston Martin, whose cars are famous for their appearances in James Bond movies, has lately been struggling to generate revenues owing to poor sales. This year it sold 2,340 cars till September, down 19 per cent compared to the same period in 2011.
Aston said the fresh capital will be utilised towards product development and international expansion. The company plans to invest €625 million (Rs. 4388.37 crore) to build new models and technology over the next five years. The current deal has also upped Aston’s enterprise value to £780 million from £630 million earlier.
Investindustrial is no newcomer to the automotive acquisition space. In 2006, it had bought over motorcycle-maker Ducati and changed its fortunes before selling it off to Audi for an estimated €860 million (Rs 6,038.40 crore) in April this year.
Talking about the deal with Aston Martin, Andrea C. Bonomi, Senior Principal at Investindustrial, said, “We are looking forward to working with the management and Investment Dar to achieve a similar transformation and rejuvenation that we achieved with Ducati, by expanding the model range and strengthening the dealership network, throughout the world.”
2024 Aston Martin Vantage With More Powerful V8 Engine Launched At Rs...
Maruti Suzuki Rock N Road: Redefining the SUV Experience
Bosch Car Service: Your Trusted One-stop Destination for Car...
3 New Major Design Details Mahindra XUV 3XO Will Pack Over...
You Can Now Name Skoda India’s Upcoming Sub-4 Metre SUV
Tata Curvv: A Much Clearer Look At Its Interior Ahead Of Its Unveiling
This Tata Car Has Been Announced As The Official Car For IPL 2024
Ford Endeavour And Ranger India Launch Possible WITHOUT Expensive...
Skoda India Announces Future Plans, Tata Nexon Sub-4 Metre SUV Rival...
Citroen Basalt vs Tata Curvv: Exterior Design Compared
India's largest automotive community