Tesla India Motor & Energy Pvt Ltd has secured a five-year lease for office space at Panchshil Business Park in Pune, marking its inaugural office establishment in India. The lease starts with a monthly rent of ₹11.65 lakh and covers 5,850 square feet on the first floor. The lease, facilitated by Tablespace Technologies, features a lock-in period of 36 months with a 5% annual rent escalation, set to commence on October 1. The initial effective rent amounts to ₹199 per square foot per month. There is also an option to extend the lease for another five years.
Tesla’s founder, Elon Musk, recently met with Prime Minister Narendra Modi, discussing his India plans, including an investment in a local car manufacturing facility. Musk emphasized Tesla’s intent to enter the Indian market as soon as feasible, aligning with the government’s push for electric vehicle adoption.
Reports suggest that the Indian government seeks Tesla to follow Apple’s model in India by collaborating with local partners and leveraging Chinese suppliers. Indian authorities aim to avoid wholly-owned Chinese auto component companies entering the country and encourage domestic sourcing.
Tesla’s presence in India began with the registration of its India arm in Bengaluru in 2021. While there were earlier reports of the company establishing an office in Mumbai and opening a retail showroom, progress has been limited. Musk has also been engaging with Indian officials to reduce import duties on electric cars to facilitate Tesla’s entry into the market.
