Skoda Auto Volkswagen India said to financialexpress.com that there are no fresh talks on JSW Group acquiring a stake in the company. Responding to earlier media reports that the German carmaker Volkswagen is in advanced talks to sell a stake in its India business to the JSW industrial conglomerate, both Volkswagen and JSW Group told Financialexpress.com that there is no development to report as of now.
India remains a key growth market: Skoda
Skoda said, the group continues to explore new opportunities, “India is a key market in Škoda Auto’s internationalisation plans. The company is leading the operation on behalf of the Volkswagen Group and its brands in the country. To fully explore the country’s growth potential, we are always considering new business opportunities and are evaluating various options to ensure the best possible solution to implement our strategy in the highly dynamic Indian market.”
“Although we do not comment on market speculation, we reaffirm our commitment to delivering innovative mobility solutions that meet the evolving needs of Indian consumers,” Skoda added.
Skoda is targeting India as it looks to the world’s third-largest car market for growth outside Europe, after exiting Russia and more recently announcing its retreat from China.
Skoda CEO Klaus Zellmer has previously said the Czech carmaker will invest in the country by itself if its search for a local partner fails.
About Skoda Auto Volkswagen India
Škoda Auto Volkswagen India (SAVWIPL) is the Volkswagen Group’s Indian subsidiary responsible for the sales, manufacturing and operations of six automotive brands in the country—Volkswagen, Škoda, Audi, Porsche, Lamborghini and Bentley.
The company operates two manufacturing facilities in Chakan (Pune) and Chhatrapati Sambhajinagar (formerly Aurangabad), along with an extensive sales and service network across India.
Headquartered in Mumbai, Škoda Auto Volkswagen India leads the Volkswagen Group’s India strategy, with a focus on local manufacturing, exports and expanding its presence in one of the world’s fastest-growing automobile markets.
About JSW Group
JSW Group is one of India’s leading diversified conglomerates with a strong presence across sectors such as steel, energy, infrastructure, cement, paints, defence, green mobility, B2B e-commerce, venture capital and sports. The $23 billion group is led by Chairman Sajjan Jindal. It operates across India, the US, Europe and Africa, employing nearly 40,000 people.
