Mahindra Racing is a part of the Mahindra group and it competes in the FIA Formula E Championship.
"This (partnership) enables the team to leverage Pininfarina's legendary design and technology expertise to enhance the performance of its M5Electro race car, currently under development for Season 5 of the Formula E Championship which begins in December 2018," it said.
Mahindra Group president (group communications and ethics) and chief brand officer Ruzbeh Irani said: "Combining their design, technology and digital skills will significantly augment Mahindra Racing's existing capabilities and raise the bar as far as our performance is concerned."
This strategic partnership is also "aligned to Mahindra's vision of FUTURise, a creative expression of how we are driving growth through world class innovation in all our businesses", he added.
The partnership will also focus on other areas of design and technology, including Computational Fluid Dynamics (CFD). It will also help Mahindra with its 'Race to Road' strategy that involves the application of learning from the race track into the development of new electric road vehicles, in due course, the statement said.
Moreover, Mahindra Racing will also have access to Pininfarina's testing facilities in Italy which will help the team enhance the aerodynamic efficiency of its race car, it said.
"This partnership enhances Pininfarina's passion for racing and exceptional, environmentally responsible automotive performance," Pininfarina CEO Silvio Pietro Angori said.
Tech Mahindra chief strategy and marketing officer Jagdish Mitra said that by combining Pininfarina's design with Tech Mahindra's digital expertise "we are demonstrating how the products of the future will need to be adapted for a convergent world".
In 2015, Mahindra & Mahindra Ltd and group firm Tech Mahindra Ltd had acquired a 76.06 per cent stake in Pininfarina.