Months after a meeting between Prime Minister Narendra Modi and Elon Musk, Tesla India Motors and Energy Private Limited leased office space in the Panchshil Business Park of Maharashtra’s Pune.

This is seen as a major step towards the entry of EV giant Tesla into the Indian market.

Earlier, senior officials from Tesla also held a meeting with their counterparts of Invest India to devise a plan for setting up a manufacturing plant for electric vehicles in India.

Tesla India Motors and Energy Private Limited has also entered into a five-year lease agreement with Tablespace Technologies Private Limited, with a monthly rent of Rs 11.65 lakh and a security deposit of Rs 34.95 lakh for a five-year period, CRE Matrix said.

The agreement also includes five car parks and 10 bike parks

According to CRE Matrix, the lease deal includes a lock-in period of 36 months, with a 5 per cent per annum escalation clause. The rental payments will start from October 1, 2023.

With a development size of nearly 11 lakh square feet, Panchshil Business Park is well connected with major areas of Pune, including the airport.

Earlier in 2021, Tesla India Motor & Energy Pvt Ltd was registered as an Indian subsidiary of Tesla in Bengaluru.

TESLA’S PROGRESS IN INDIA

In July, Tesla hinted at plans to produce up to 500,000 EVs annually, with prices starting at Rs 20 lakh. If accomplished, this development could significantly boost India’s emerging EV market.

If accomplished, this development could significantly boost India’s emerging EV market.

Earlier in May, electric carmaker Tesla proposed setting up a factory in India to build its electric vehicles for domestic sale and export.

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