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Sajjan Jindal's JSW Group is currently in discussions with Volkswagen Group to establish a joint venture focused on electric vehicle (EV) manufacturing in India, according to a report by MoneyControl. These negotiations may soon progress into an exclusivity period, during which both parties would exclusively engage with each other and refrain from pursuing other potential partners. The talks began earlier this month and are ongoing.
This development follows JSW Group's recent agreement with the Odisha government to set up an integrated EV and battery manufacturing project in Cuttack and Paradip, with an estimated investment of ₹40,000 crore. This substantial investment represents the largest venture into electric vehicle capacity in India to date.
Meanwhile, Volkswagen is reportedly considering divesting its stake in its Indian subsidiary, Skoda Auto Volkswagen India, and exploring collaboration opportunities with another automaker in India to enhance its EV manufacturing efforts.
The proposed venture with Volkswagen would be separate from the existing joint venture with SAIC Motor Corp, in which JSW Group holds a 35% stake. SAIC Motor operates MG Motor India, offering two electric vehicles in the Indian market. Notably, none of JSW Group's listed companies are currently involved in the electric vehicle project.
In a statement to Business Standard earlier this month, Jindal outlined his vision to transform the automotive industry by producing high-quality, technologically advanced electric vehicles tailored for the Indian market. He emphasised a focus on cutting-edge research to create vehicles "designed by and for Indians," aiming to redefine commuting and power consumption habits through increased EV penetration.
Interestingly, Sajjan Jindal has had aspirations of manufacturing cars in India since the early 2000s. Previous efforts by the group, including establishing a unit under JSW Energy to produce electric cars in 2017, faced challenges and were eventually abandoned due to shareholder objections.
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