Italian designer Pininfarina is looking to restart negotiations with Indian automaker Mahindra after the two companies failed to seal a deal last July.

Mahindra's bid to acquire Pininfarina was rejected as several banks of the Italian design firm rejected the deal because they were not satisfied with the proposed terms.

However, Reuters reports that negotiations between the two companies are geared to resume next month, although a source said Mahindra is "very cautious" regarding the issue and wanted to invest in Pininfarina "at the lowest possible price."

As of the moment, Pininfarina has begun drafting a stand-alone business plan as its financial position worsens.

In case you're wondering, Pininfarina reported a first-half net loss of 4.4 million euros and at the end of June it had a total net debt of 52.7 million euros.

Source: Reuters