JSW Group and Volkswagen Group have signed a non-binding memorandum of understanding for a proposed joint venture. The agreement covers Volkswagen's passenger vehicle operations and marks the start of exclusive negotiations on valuation, business structure, and other details. A final binding agreement is expected by December 2026.

The proposed joint venture will have a 51:49 ownership structure and focus on the Skoda and Volkswagen brands, as well as electric vehicle expansion. Industry estimates suggest the project could involve significant capital commitments, potentially exceeding €1 billion.

Further details about the proposed venture, including investment size, are not yet available, but are expected to be disclosed in the future.