Anurag Kumar
Elon Musk’s company Tesla India Motor & Energy Pvt Ltd has leased an office space in Panchshil Business Park in Viman Nagar, Pune, days after two of its senior executives reportedly met with Invest India officials last week to discuss plans of entering India and establishing a manufacturing plant for electric vehicles.
The electric vehicle manufacturer has signed a five-year lease agreement with Tablespace Technologies Pvt Ltd to lease 5,850 square feet of office space on the first floor of B wing in Panchshil Business Park. Tesla will lease the space for 60 months at a monthly rate of 11.65 lakh and a security deposit of 34.95 lakh.
According to the agreement registered on July 26, 2023, the lease agreement will include five car parks and ten cycle parks, according to documents accessed and shared by CRE Matrix, a real estate analytics firm.
According to the documents, two companies consented to a 36-month lock-in period with an annual escalation clause of 5%. The lease will begin on October 1, 2023.
According to the Panschil Realty website, Panchshil Business Park at Viman Nagar has a development capacity of 10,77,181 square feet and is currently under construction. It is situated 500 metres from Nagar Road and three kilometres from the international airport in Pune. It is conveniently accessible from Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.
Despite the fact that Tesla’s Indian subsidiary was registered in Bengaluru in 2021, the company’s entry into India has been sluggish. In May, Reuters reported that Tesla had proposed establishing a factory in India to manufacture 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 considering India as a production and innovation base.”
ALSO READ : Top Indian official denies Tesla tax waivers during EV factory talks.
During his US trip in June, Musk conferred with Indian Prime Minister Narendra Modi and expressed interest in establishing a manufacturing facility in India. He informed reporters that Tesla was eager to invest in India. Musk was quoted as saying, “I am confident that Tesla will be in India as soon as humanly possible.”
Two senior Tesla executives purportedly met with Invest India officials last week and have scheduled additional meetings in Delhi.
