Tesla, the American electric vehicle (EV) giant, led by billionaire entrepreneur Elon Musk, is making strides into the Indian market with the leasing of a significant office space in Pune’s Panchshil Business Park, according to documents recently shared by CRE Matrix, a real estate analytics firm.
The move follows recent meetings between two of Tesla’s senior executives and officials from Invest India, fueling rumors of Tesla’s plan to establish an EV manufacturing base in the country.
Under the leasing agreement signed on July 26, 2023, Tesla will occupy a part of the Panchshil Business Park in Pune’s Viman Nagar, with rent commencing from October 1, 2023. The company has committed to a 36-month lock-in period with a 5% annual rent escalation clause. The leasing deal, which costs INR 11.65 lakh per month, also includes provision for five car and 10 bike parking spaces.
The chosen business park has a total development size of 10,77,181 sq ft and is currently under construction. Its strategic location, just 500 meters from Nagar Road and three kilometers from Pune International Airport, makes it an ideal choice for Tesla’s Indian operations. The area is easily accessible from residential zones such as Kalyani Nagar, Koregaon Park, Wadgaon Sheri, and Kharadi.
Although Tesla’s Indian subsidiary was registered in Bengaluru in 2021, progress towards setting up shop in India has been measured. In May, a Reuters report indicated that Tesla had proposed the establishment of a factory in India for building EVs and manufacturing EV batteries.
During a US trip in June, Musk met with Indian Prime Minister Narendra Modi and expressed his interest in setting up a manufacturing facility in India. Musk stated that Tesla was eager to invest in the Indian market, reassuring, “I am confident that Tesla will be in India and will do so as soon as humanly possible.”
As of now, Tesla executives continue their discussions with Invest India officials, reportedly setting up additional meetings in Delhi to further cement their plans for a strong presence in the country.
This news is based on a report from hindustantimes.com.
