JSW and Volkswagen can start EV-manufacturing in India: Talks are going on for joint venture between the two companies.
JSW Group and Volkswagen Group are going to start manufacturing of electric vehicles i.e. EV in India soon. For this, talks are going on between the two companies to form a joint venture. According to reports, talks between the two groups started earlier this month.
JSW Group has recently partnered with the Government of Odisha with an estimated investment of Rs 40,000 crore. Under this, there is a plan to start an integrated EV and battery manufacturing project in Cuttack and Paradip.
Volkswagen will also sell stake in its Indian subsidiary company
According to reports, Volkswagen is also considering selling stake in its Indian subsidiary Skoda Auto Volkswagen India. The German auto giant is preparing to partner with another automaker in India to make EVs.
We refrain from commenting on market rumors and speculations: JSW
On this, JSW spokesperson said, ‘We avoid commenting on market rumors and speculations.’ Apart from this, no statement has come out from Volkswagen Group regarding this news till now.
In December, JSW and MG Motor India agreed to develop EV
In December, JSW Group and MG Motor India agreed to develop EVs in India. However, financial details of the joint venture were not disclosed. Both the companies had said that JSW would have 35% stake in it.
On December 4, Moneycontrol had reported that the value of the joint venture is likely to be Rs 8,000 crore, in which JSW Group will invest around Rs 2,800 crore. The report said that JSW will later involve more financial investors in this joint venture.
