JSW Group, Volkswagen in talks for 50-50 EV joint venture
JSW Group and Volkswagen are in talks about a 50-50 joint venture (JV), to tap into the growing electric vehicle (EV) market, according to insiders. The discussions come after Moneycontrol reported earlier this month, that the two companies were considering a partnership. JSW Group has been seeking collaborations with automakers to establish a presence in the EV industry. This includes ongoing conversations with MG Motor India, a subsidiary of China's SAIC Motor, to make EVs for the Indian market.
JSW Group's other partnerships and investments in EV space
Volkswagen is also interested in partnering with an Indian carmaker for EV projects. The German company is even considering selling a portion of its share in its Indian subsidiary, SKODA Auto Volkswagen India, as per sources. However, neither JSW nor Volkswagen have officially confirmed their discussions or plans for the proposed JV. A JSW spokesperson declined to comment on market rumors and speculations when contacted by Moneycontrol, and an email sent to Volkswagen went unanswered.
Volkswagen's plans for Indian EV market
In addition to its potential partnership with Volkswagen, JSW Group has inked a pact with the Odisha government, to establish an integrated EV and battery manufacturing plant in Cuttack and Paradip. The project is estimated to involve an investment of Rs. 40,000 crore. Meanwhile, the financial details of the JV with MG Motor remain undisclosed, but both companies have stated that JSW will hold a 35% stake in it.
