Elon Musk’s Tesla leases space in Pune: Elon Musk’s Tesla has signed a five-year contract for an office facility in Pune. The lease agreement contains a 36-month lock-in period with a 5% annual escalation provision and a monthly rate of Rs 11.65 lakh.
According to the India, Today Business Desk: Tesla India Motors and Energy Private Limited rented office space in Maharashtra’s Panchshil Business Park months after Prime Minister Narendra Modi and Elon Musk met in the United States.
This is seen as a major step towards the entry of EV giant Tesla into the Indian market.
Read also: Steering problems in US 280,000 new Tesla cars.
Earlier, Tesla executives met with Invest India colleagues to create a strategy for establishing an electric vehicle manufacturing factory in India.
According to data analytics firm CRE Matrix, Tesla India Motors and Energy Private Limited has rented 5,850-square-foot office space on the first floor of the B wing of an under-construction project called Panchshil Business Park.
Elon Musk’s Tesla leases space in Pune:
According to CRE Matrix, Tesla India Motors and Energy Private Limited has also signed into a five-year leasing deal with Tablespace Technologies Private Limited, with a monthly rent of Rs 11.65 lakh and a security deposit of Rs 34.95 lakh.
The agreement also includes five parking lots and ten bike racks.
According to CRE Matrix, the lease agreement contains a 36-month lock-in period with a 5% annual escalation provision. Rental payments will begin on October 1, 2023.
Panchshil Business Park, with a development area of over 11 lakh square feet, is conveniently connected to key regions of Pune, including the airport.
Earlier in 2021, Tesla India Motor & Energy Pvt Ltd was registered in Bengaluru as Tesla’s Indian subsidiary.