VW Group owned brand Skoda is open to collaborating with others to meet ambitious costs targets surrounding a planned low-cost car to be made in India, according to Skoda's CEO.

Skoda CEO Bernhard Maier remarks were made in Frankfurt this week and follow the end of talks with Tata Motors on the project.

Reuters noted that Skoda was commissioned by Volkswagen to explore an entry-level car platform with a focus on India. The talks with Tata ended following the failure to hit cost-saving targets.

Skoda is said to be assessing whether the VW Group's MQB (AO) architecture can form the basis for such a project. Analysts say the platform may have to be modified. Skoda however, appears to be open to external assistance with the project.

 "We are open to partnerships provided they yield the desired technical and economic synergies," Maier said, according to Reuters.

He also told Reuters that Skoda has held talks with a group of local suppliers to outline standards sought for the low-cost project. Localisation of parts content would likely be critical to getting cost down.

Skoda's Indian plant could also form a global sourcing hub for the car, with exports to emerging markets around the world.

See also: Could VW axe the up! in Europe?