Khushboo Singh
Elon Musk’s Tesla India Motor & Energy Pvt Ltd has leased office space in Panchshil Business Park in Viman Nagar in Pune, just days after two of its senior executives reportedly met with Invest India officials last week to discuss plans of entering India and setting up a manufacturing eletric vehicle plant.The electric vehicle maker and Tablespace Technologies Pvt Ltd have signed a five-year lease deal for a 5,850-square-foot space on the ground floor of the B wing of Panchshil Business Park. For a 60-month lease, Tesla will pay 11.65 lakh per month plus a security deposit of 34.95 lakh.According to records discovered and provided by CRE Matrix, a real estate analytics company, the leasing arrangement will contain five car parks and ten bike parks as per the agreement registered on July 26, 2023.
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The documents show that the parties involved settled on a 36-month lock-in period with an annual escalation clause of 5%. On October 1, 2023, rent will become due.According to the Panschil Realty website, the development area for the Panchshil Business Park in Viman Nagar is 10,77,181 square feet. It’s only three kilometres from Pune International Airport and 500 yards from Nagar Road. Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi, to name a few nearby neighbourhoods, can all get there quickly and conveniently.Despite having an Indian subsidiary established in Bengaluru in 2021, Tesla’s expansion into the Indian market has been sluggish.
In May, Reuters reported that Tesla has proposed opening a facility in India to produce electric vehicles and EV batteries.In May, India’s Minister of State for Electronics and Information Technology Rajeev Chandrasekhar told the agency, “They are very seriously looking at India as a production and innovation base.”Musk expressed interest in opening a factory in India at a meeting with Prime Minister Narendra Modi in June, during Modi’s visit to the United States. He has previously assured the press that Tesla was eager to invest in India. Musk is cited as saying, “I am confident that Tesla will be in India and will do so as soon as humanly possible.”Two senior executives from Tesla allegedly met with representatives from Invest India last week, and they have already scheduled other meetings while in Delhi.
