FRANKFURT (Reuters) - Volkswagen and Tata Motors said on Friday they had signed a memorandum of understanding to explore a strategic partnership in India, confirming a Reuters story from Thursday.

The two carmakers said they hoped to jointly develop vehicle components and also possibly vehicle concepts for the Indian subcontinent and overseas markets.

Volkswagen 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. In the long term, the Volkswagen Group is looking to further expand its product portfolio in the fast-growing emerging markets," it said.

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