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German carmaker Volkswagen AG is in advanced talks to sell a stake in its India business to the JSW industrial conglomerate, in order to infuse fresh capital and bolster the unit, Bloomberg News reported on Tuesday, citing sources.
Both parties are working towards a potential deal in the coming weeks for JSW to make an investment in Skoda Auto Volkswagen India Pvt, the report said.
A spokesperson for Skoda, a Volkswagen subsidiary that leads the German auto group's India operations, declined to comment on the report but said the brand was exploring growth opportunities in the region.
"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," the spokesperson said in a statement.
JSW did not immediately respond to a request for comment. Skoda is targetting 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 Chine.
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.
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