JSW in talks with Volkswagen for EV manufacturing in India
What's the story
Billionaire Sajjan Jindal's JSW Group is reportedly in talks with Volkswagen Group to form an electric vehicle (EV) manufacturing joint venture in India.
Per Moneycontrol, the two groups may soon enter an exclusivity period, during which they would not negotiate with other potential partners.
The discussions began earlier this month, and if successful, the partnership could give India's EV market a significant boost.
JSW's investments
JSW Group's recent EV investments and agreements
JSW Group has signed an agreement with the Odisha government to establish an integrated EV and battery manufacturing project in Cuttack and Paradip, with an estimated investment of Rs. 40,000 crore.
In December, JSW Group and China's SAIC Motor-owned MG Motor India agreed to develop EVs for the Indian market.
Although financial details were not disclosed, it was reported that JSW would hold a 35% stake in the joint venture.
Road ahead for VW
Volkswagen's plans for its India subsidiary
Volkswagen is also said to be considering selling its stake in its Indian subsidiary, SKODA Auto Volkswagen India.
The German automaker is keen on partnering with another company in India to manufacture EVs.
However, neither JSW nor Volkswagen have officially confirmed these discussions.
A JSW spokesperson said, "We refrain from providing comments on market rumors and speculations."
If the partnership materializes, it could further strengthen both companies' presence in the growing market.