A latest development revealed that Elon Musk’s Tesla India Motor & Energy Pvt Ltd has rented office space in Pune’s Panchshil Business Park in Viman Nagar.
Tesla Signs Five Year Lease Agreement
For Office Space In Pune
A delegation of Tesla executives met the commerce and industry minister to discuss incentives and benefits for selling its electric cars in India last week.
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 Panchshil Business Park, according to a report in the Hindustan Times.
From October 1, 2023, the rent for the office space will commence.
Moving ahead, the two companies have agreed to a lock-in period of 36 months with an escalation clause of 5 percent per annum.
Besides this they also have an option to extend the lease for another five years.
It would take the electric vehicle maker’s total commitment to 10 years.
Government Not Inclined To Grant Exemptions To Any Particular Company
Tesla will pay a monthly rent of Rs 11.65 lakh along with a security deposit of Rs 34.95 lakh to lease the space for a period of 60 months, as per the information provided by the media report.
Presently, the Panchshil Business Park is under construction and has a development size of 10,77,181 sq. ft.
Its location is close to the Pune International, about three kilometers.
This location will be easily accessible from the city’s residential areas such as Koregaon Park, Kharadi, Wadgaon Sheri and Kalyani Nagar.
The Indian government may allow Tesla’s foreign suppliers, particularly those from China, to manufacture components in the country, as per the media reports.
It is noteworthy here that the government is not inclined to grant exemptions to any particular company.
Prior to this, Tesla had registered its Indian subsidiary in Bengaluru in 2021.
The Tesla owner plans to set up a factory to manufacture electric vehicles and EV batteries in the country, as per the media report in May.