Italian private equity fund Investindustrial has bought a 37.5-per cent stake in British carmaker Aston Martin, the companies said in a joint statement on Friday.

“Investindustrial is investing 150 million pound ($240 million) in Aston Martin in the form of a capital increase for a 37.5-per cent stake,’’ the firms said.

The 99-year-old car-maker will get an injection of Italian expertise and much-needed resources to compete with luxury competitor giants such as the Fiat Ferrari.

There had been a bid from Indian jeep maker Mahindra & Mahindra for the stake in the British manufacturer, whose flashy vehicles feature regularly in James Bond movies.

Aston Martin said it would now proceed “with its extensive and exciting plans for sustainable long-term growth’’. — AFP