Elon Musk’s Tesla India Motor & Energy Pvt Ltd has rented office space in Pune’s Panchshil Business Park in Viman Nagar. Earlier last week, a delegation of Tesla executives had met the commerce and industry minister to discuss incentives and benefits for selling its electric cars in India.
According to a report in the Hindustan Times, Tesla’s Indian subsidiary has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd for 5,580 square feet of office space on the first floor of B Wing in Pancshil Business Park. The rent for the office space will commence from October 1, 2023 and the two companies have agreed to a lock-in period of 36 months with an escalation clause of 5 percent per annum. There is also an option to extend the lease for another five years, taking the electric vehicle maker’s total commitment to 10 years.
The Hindustan Times report, while citing documents shared by real estate analytics firm CRE Matrix, notes that Tesla will pay a monthly rent of ₹11.65 lakh along with a security deposit of ₹34.95 lakh to lease the space for a period of 60 months.
The Panchshil Business Park is currently under construction and has a development size of 10,77,181 sq. ft. It is located about three kilometers from the Pune International Airport and will be easily accessible from the city’s residential areas such as Koregaon Park, Kharadi, Wadgaonsheri and Kalyani Nagar.
According to an Economic Times report, the Indian government may allow Tesla’s foreign suppliers, particularly those from China, to manufacture components in the country. However, the government is not inclined to grant exemptions to any particular company.
Tesla had registered its Indian subsidiary in Bengaluru in 201 and plans to set up a factory to manufacture electric vehicles and EV batteries in the country, Reuters reported in May.
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Updated: 03 Aug 2023, 07:01 AM IST