JSW Group eyes multiple global auto OEM alliances

The discussions could culminate in a three-way deal or two separate joint ventures

- Alisha Sachdev

₹25K cr to be invested by JSW in Cuttack for EV complex

₹15K cr will be invested in EV components complex in Paradip

Keen to swiftly enter the world’s third-largest automotive market, Sajjan Jindal’s JSW Group may be eyeing alliances with more than one automotive original equipment maker (OEM) in India. The $23-billion conglomerate is considering dual alliances with leading global automotive OEMs Volkswagen Group of Germany and state-owned SAIC of China, two people aware of the matter said.

While JSW has already inked a share purchase agreement with SAIC, the parent company of MG Motor India, to form a joint venture (JV) with a 35% equity stake, it is also in talks with Volkswagen, the world’s second-largest automotive manufacturer, to explore another JV. The discussions could potentially culminate in a three-way deal, or two separate JVs, with JSW Group acting as a common shareholder, the people cited above said on condition of anonymity.