JSW, Volkswagen to form 50/50 joint venture: Reports

29 Feb 2024 , 11:59 AM

According to news reports, the proposed joint venture between German automaker Volkswagen and Sajjan Jindal’s JSW Group is expected to be 50-50. 

According to the reports mentioned above, the entity will concentrate on the developing electric vehicle market, and the two businesses are presently in negotiations to determine the specific terms of the agreement.

It was revealed that JSW and Volkswagen were in discussions to work together on a project. In an effort to establish a presence in the developing EV market, JSW Group has been considering a number of collaborations with automakers. To create EVs for the Indian market, the group has already begun discussions with SAIC Motor’s subsidiary MG Motor India. 

Along with this, the Odisha government and the JSW Group recently inked a deal for the establishment of an integrated EV and battery manufacturing plant in Cuttack and Paradip, with an anticipated investment of ₹40,000 Crore, to support the company’s EV goals. 

In the EV market, Volkswagen has also been eager to collaborate with an Indian carmaker.

According to the aforementioned reports, Volkswagen is also thinking about selling a portion of its ownership in Skoda Auto Volkswagen India, its Indian subsidiary. 

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