New Delhi/Frankfurt — German car-maker Volkswagen (VW) said on Friday that it had signed a memorandum of understanding to explore a partnership with India’s Tata Motors to jointly develop automotive components and vehicles for the Indian sub-continent and beyond. The announcement, which confirms an earlier Reuters story, comes as both auto-makers look to hit the re-set button in India after falling behind more nimble rivals, such as Maruti Suzuki and Hyundai. Goldman Sachs analyst Pramod Kumar said in a note on Thursday that a tie-up could be "mutually beneficial" as the engine offerings of both companies complement each other and would help the alliance match up to competition. VW said its Skoda unit would lead the project. "The first step will address topics such as the application of specific market knowledge, as well as local development expertise," VW said in its statement. For VW, the tie-up would provide an opportunity to make more headway into India, which analysts say is ex...
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