Months after a meeting between Prime Minister Narendra Modi and Elon Musk in the US, Tesla India Motors and Energy Private Limited has taken a significant step towards entering the Indian market by leasing office space in Maharashtra’s Pune at the Panchshil Business Park.
The move came after senior officials from Tesla met with representatives from Invest India to strategize the establishment of an electric vehicle manufacturing plant in the country.
According to data analytics company CRE Matrix, Tesla India Motors and Energy Private Limited leased an office space spanning 5,850 square feet on the first floor of B wing in an under-construction building within the Panchshil Business Park.
The lease agreement with Tablespace Technologies Private Limited extends for five years, with a monthly rent of Rs 11.65 lakh and a security deposit of Rs 34.95 lakh. The deal includes five car parks and ten bike parks. The lease has a lock-in period of 36 months, and the rental payments will commence from October 1, 2023, with a 5 percent per annum escalation clause.
Panchshil Business Park, covering nearly 11 lakh square feet, is strategically connected to 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 hinted in July at plans to produce up to 500,000 EVs annually, with prices starting at Rs 20 lakh. Such an accomplishment could significantly boost India’s growing EV market. In May, Tesla proposed the idea of setting up a factory in India for producing electric vehicles, targeting both the domestic market and exports. This move showcases Tesla’s progress in establishing its presence in India’s promising electric vehicle industry.