Elon Musk's Tesla leases its first office space in India; signs lease in Pune

In a significant step towards entering the Indian market, Elon Musk’s company Tesla India Motor & Energy Pvt Ltd has leased an office space in Panchshil Business Park in Viman Nagar in Pune.

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, with a monthly rent of ₹11.65 lakh and a security deposit of ₹34.95 lakh.

The report further added that 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.

No special policy for Tesla

The government so far is not looking to frame a separate policy for providing incentives to US-based electric car maker Tesla, and the company can apply to avail support measures under existing schemes like PLI for auto and advanced chemistry cells, a government official has said.

The government has already rolled out the production-linked incentives schemes (PLI) for advanced chemistry cell (ACC) battery storage with an outlay of Rs 18,100 crore and Rs 26,058 crore PLI scheme for auto, auto-components and drone industries.

"We have told Tesla that the policies, which are already there for all, they can also apply under that PLI. They are welcome. Generally, the policy will be the same for all. For a single company, the gover

The representatives of Tesla visited the country last month to meet officials of various ministries, including the Commerce and Industry Ministry.

In 2021, the US-based electric car maker demanded a reduction in import duties on electric vehicles (EVs) in India.