Tata Motors today said it has acquired 80 per cent stake in Trilix Srl, an Italian design and engineering firm for 1.85 million Euro (Rs 11.29 crore).
"The acquisition is in line with the company's objective to enhance its styling and design capabilities to global standards," Tata Motors said in a statement. Both the companies have in the past worked together on several projects.
"Trilix has over the years developed a strong understanding of the Tata brand and excellent working relationships with the company in several projects," the statement added.
The remaining stake in Trilix is held by its promoters Federico Muzio and Justyn Norek. With a turnover of four million Euro and net profit of 2,50,000 Euro, the company offers design and engineering services in the automotive sector such as styling, architecture, packaging and surfacing.
According to analysts, the acquisition is not a very significant one in terms of the deal size, but it will help Tata Motors enhance its design capabilities.
"It is a very small deal in terms of size. However since the company is looking forward to some new launches and re-launches, it may be in a positive direction," Angel Broking, Analyst Vaishali Jajoo told PTI. Milan-based LMS Studio Legale acted as legal advisors for the transaction, the statement added.