Elon Musk-owned Tesla’s Indian chapter Tesla India Motor & Energy Pvt Ltd, has taken a significant stride towards entering the Indian market. They have recently leased office space in Pune’s Panchshil Business Park.
This move comes after high-level discussions between two Tesla executives and Invest India officials, where they explored plans to establish a manufacturing electric vehicle plant in India.
Based on information from CRE Matrix, a real estate data analytics firm, the leased office space covers 5,850 square feet on the first floor of B wing in Panchshil Business Park.
Tesla has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd, with a monthly rent of Rs 11.65 lakh and a security deposit of Rs 34.95 lakh for a 60-month lease period.
Additionally, the agreement provides five car parks and 10 bike parks.
According to CRE Matrix documents, the lease includes a lock-in period of 36 months and a 5 per cent per annum escalation clause. Rental payments are scheduled to commence from October 1, 2023.
Panchshil Business Park, currently under construction, spans an impressive 10,77,181 sq. Ft. It is strategically located in Viman Nagar, just 500 meters away from Nagar Road and three kilometers from the Pune international airport.
The area enjoys excellent accessibility from residential hubs like Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.
Tesla’s entry into the Indian market has been eagerly anticipated since the registration of the company’s Indian subsidiary in Bengaluru in 2021.
The company has expressed its intentions to establish a manufacturing facility in India for electric vehicles and EV batteries. During his US trip in June, Elon Musk personally met with Prime Minister Narendra Modi to express keen interest in setting up the facility in India.
Reports suggest that Tesla plans to introduce a new car model tailored for the Indian market, priced around $24,000 (approximately Rs 20 lakh). There have also been talks about bringing Chinese suppliers to India, with suggestions from Indian officials that Tesla could follow a path similar to Apple’s approach in the country.