In 2018, Musk had cited the country’s challenging regulatory environment as among the reasons for not foraying into India.
The company has been registered as an unlisted private entity with a paid-up capital of Rs 1 lakh. (Photo: iStock)
American electric car maker Tesla has registered its Indian subsidiary as the company gears to set up its R&D unit and manufacturing plant in India.
As per a regulatory filing, the firm has registered Tesla India Motors and Energy Pvt Ltd with RoC Bangalore.
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The company has been registered as an unlisted private entity with a paid-up capital of Rs 1 lakh.
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As per the Registrar of Companies (RoC) filing, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein have been appointed as directors of Tesla India.
Last month, Union Minister Nitin Gadkari had said Tesla is set to start its operations in the country in 2021 and would also look at setting up a manufacturing unit based on demand.
As per the reports on CNBCTV18, Tesla’s China-based factory may work as the primary sourcing point initially. Later, after a considerable demand, it may start assembling vehicles in India.
In November last year, replying to a Twitter user who asked about the progress of the company’s India plans, Tesla CEO Elon Musk had said, “Yea..Next year for sure”.
Musk had, however, in the past too tweeted about Tesla’s entry into India.
In 2018, Musk had cited the country’s challenging regulatory environment as among the reasons for not foraying into India.
Earlier, the Maharashtra government had said it is looking for potential investment from Tesla in the state and held discussions with the company.
The western state is already home to a host of domestic and foreign automobile manufacturers, with the Chakan industrial belt near Pune being a major automobile hub.
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