Italian investment group Invest industrial will become a major shareholder in Aston Martin, the British luxury carmaker.
Invest industrial, headquartered in Italy, will invest 150 million pounds (240 million dollars) in the firm, taking a stake of 37.5 percent, dpa quoted a statement from Aston Martin as saying Friday.
The deal, which aims to shore up the finances of the ailing group, was announced after Indian motor group Mahindra & Mahindra pulled out of the competition.
Aston Martin was sold in 2007 by Ford for 479 million pounds to a consortium of Investment Dar and another Kuwaiti investment fund, deem Investment.
"I am delighted that Invest industrial has decided to become a major investor in Aston Martin.
With the support of the Investment Dar, we have made substantial progress over the past five years in laying the foundations for success as one of the world's leading luxury sports car manufacturers," said chief executive David Richards. Andrea C. Bonomi, Senior Principal at Invest industrial, said: "Weare delighted to form part of this iconic global, but quintessentially British brand."
Adnan Al-Musallam, chairman and managing director of the Investment Dar, also welcomed Invest industrial as new partners. "With our continued commitment and the support ofInvestindustrial, Aston Martin is in a strong position to pursue its plans for development."