The highly anticipated visit of Elon Musk, the CEO of electric vehicle giant Tesla, to India has been temporarily put on
hold. While the specific reasons behind the postponement remain undisclosed, a CNBC-TV18 suggested that Musk’s schedule may have conflicted with an upcoming engagement.
Elon Musk on the X platform wrote, “Looking forward to meeting with Prime Minister Narendra Modi in India,” on April 10, 2024.
Elon Musk was scheduled to meet PM Modi on April 22 in New Delhi.
Musk and PM Modi last met in New York in June and Tesla has continued for months lobbying India to lower import taxes on electric vehicles while it weighed up a factory in the country.
As per the Hindu Businessline report, Tesla has been on the hunt for a local partner to establish an EV unit in India. Citing sources, the English daily said, Tesla is in talks with Mukesh Ambani’s Reliance Industries (RIL) to form a joint venture to set up a EV facility in the country.
Also Read | Elon Musk may announce Tesla’s entry in India after meet with PM Modi on April 22: Report
Additionally, the Financial Times earlier this month reported that Elon Musk had sent a team to India in April to scout for sites for a proposed $2 billion to $3 billion electric car plant.
Musk was reportedly poised to disclose plans for injecting nearly ₹3 billion into the Indian market, primarily earmarked for the establishment of a new manufacturing facility.
Meanwhile, the licence application of Musk’s satellite venture Starlink is under process, and the government is examining the security aspects, news agency PTI reported citing sources.
The FDI and financial aspects are in sync with the requirements and conditions, the report said, adding that the ownership ‘declaration’ has also been received from Starlink.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates & Live Business News.
Published: 20 Apr 2024, 09:00 AM IST