Elon Musk’s Tesla India Motor & Energy Pvt Ltd has recently secured office space in Pune’s Panchshil Business Park, Viman Nagar. The move comes after a delegation of Tesla executives met with the commerce and industry minister to discuss incentives and benefits for selling electric cars in India.
The Lease Agreement Details
According to the Hindustan Times, Tesla has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd for 5,580 square feet of office space. The lease will begin on October 1, 2023, with a lock-in period of 36 months and an annual escalation clause of 5 percent. The agreement also includes an option to extend the lease for another five years, committing Tesla to a total of 10 years.
The Rent and Location
As per the documents shared by real estate analytics firm CRE Matrix, Tesla will pay a monthly rent of ₹11.65 lakh and a security deposit of ₹34.95 lakh for the office space. The Panchshil Business Park, with a development size of 10,77,181 sq. ft., is conveniently situated approximately three kilometers from the Pune International Airport. It offers easy accessibility to residential areas such as Koregaon Park, Kharadi, Wadgaon Sheri, and Kalyani Nagar.
Government’s Stance on Foreign Suppliers
Amid Tesla’s expansion in India, the government is reportedly considering permitting Tesla’s foreign suppliers, especially those from China, to manufacture components within the country. However, there is no inclination to grant exemptions to any particular company.
Tesla’s Plans for Manufacturing in India
In 2021, Tesla registered its Indian subsidiary in Bengaluru with plans to establish a factory for manufacturing electric vehicles and EV batteries. The company’s move into the Indian market is seen as a significant step towards promoting the adoption of electric mobility in the country.
With these recent developments, Tesla is poised to make a significant impact in India’s electric vehicle market. As the demand for sustainable transportation continues to grow, Tesla’s presence in the country is expected to drive further advancements in the adoption of electric mobility.
