Tesla India Motor and Energy Pvt Ltd, the Indian subsidiary of the US-based electric car manufacturer Tesla, has taken a significant step forward in its plans to enter the Indian market. The company has leased an office space in Pune’s Viman Nagar, signaling its growing commitment to establishing a presence in the country.
According to reports, two of Tesla’s senior executives had a meeting with officials from Invest India last week to discuss the company’s entry into India and the potential establishment of an electric vehicle (EV) manufacturing plant. Following the discussions, Tesla has now leased a 5,850-square feet office on the first floor of B wing in Panchshil Business Park, Pune.
The lease agreement was signed with Tablespace Technologies Pvt Ltd and spans a period of five years. Tesla will be paying a monthly rent of ₹11.65 lakh and a security deposit of ₹34.95 lakh for 60 months. As part of the deal, the office space includes five car parking slots and ten bike parking slots.
The agreement also specifies a lock-in period of 36 months, during which neither party can terminate the lease. Additionally, there is a 5% per annum escalation clause for the rental amount, with the rent scheduled to commence from October 1, 2023.
Panchshil Business Park, where the office is located, is currently under construction and boasts a development size of 10,77,181 sq ft. It enjoys a strategic location, situated just 500 meters from Nagar Road and a mere three kilometers from Pune International Airport. The area is easily accessible from prominent residential neighborhoods such as Kalyani Nagar, Koregaon Park, Wadgaon Sheri, and Kharadi.
Despite registering its Indian subsidiary in Bengaluru in 2021, Tesla’s entry into the country has been a gradual process. However, recent developments indicate the company’s serious interest in establishing a manufacturing and innovation base in India. In May, a Reuters report revealed that Tesla had proposed setting up a factory for manufacturing electric vehicles and EV batteries. Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, had confirmed Tesla’s keenness to invest in India during the same period.
Furthermore, during his visit to the US in June, Tesla CEO Elon Musk met with Prime Minister Narendra Modi and expressed the company’s eagerness to set up a manufacturing facility in India. Musk’s statements reiterated his confidence in Tesla’s commitment to the Indian market, stating, “I am confident that Tesla will be in India and will do so as soon as humanly possible.”
The leasing of office space in Pune is seen as a crucial step in Tesla’s India entry, signifying the company’s earnest pursuit of expanding its operations in the country’s growing electric vehicle market.
As Tesla takes concrete steps towards its India plans, stakeholders and EV enthusiasts eagerly await further updates on the company’s potential manufacturing and business ventures within the country.
Sources By Agencies