Mumbai, Sept. 9 -- JSW Group and Volkswagen Group have signed a non-binding memorandum of understanding (MoU) for a proposed 51:49 alliance involving JSW Green Mobility Limited and Skoda Auto Volkswagen India Pvt Ltd. No official statement or press release has been issued by either the JSW Group, Skoda/Volkswagen yet regarding the development.

"The signing of the non-binding MoU has actually taken place," claimed an industry source. Pointing at the news in Economic Times, he said, "The non-binding MoU paves way for further negotiations between the two organisations in terms of valuation and other factors."

"The non-binding MoU would explore setting up of a strategic joint venture in India that would develop, manufacture and sell passeng...