Tesla, Led by Elon Musk, Secures Office Space in Pune’s Viman Nagar for Five Years
Elon Musk’s company, Tesla India Motor & Energy Pvt Ltd, has recently secured an office space in Panchshil Business Park, located in Viman Nagar, Pune. This development comes shortly after two senior executives from Tesla reportedly met with Invest India officials to discuss their intentions of entering the Indian market and establishing a manufacturing facility for electric vehicles.
The electric car maker has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd to lease a 5,850 square meter office on the first floor of Wing B at Panchshil Business Park. Tesla pays ₹ 11.65 monthly rent and ₹ 34.95 security deposit to rent the space for 60 months. The lease includes five parking lots and 10 bike racks under an agreement registered on July 26, 2023, according to documents seen and shared by real estate analytics firm CRE Matrix.
According to the documents, the two companies agreed to a 36-month lock-up period with a 5% annual escalation clause. The lease starts on 1 October 2023.
The Panchshil Business Park in Viman Nagar has a built-up area of 10,77,181 square meters and is under construction, according to Panschil Realty’s website. It is located 500 meters from Nagar Road and just three kilometers from Pune International Airport. It is easily accessible from residential areas like Kalyani Nagar, Koregaon Park, Wadgaonsheri and Kharadi.
Although Tesla’s Indian subsidiary was registered in Bengaluru in 2021, the company’s entry into India has been slow. According to a report published by Reuters in May, Tesla had proposed to set up a factory for manufacturing electric vehicles and batteries for electric vehicles in India. “They are looking at India very seriously as a manufacturing and innovation base,” India’s Electronics and Information Technology Minister Rajeev Chandrasekhar had told the agency in May.
In June, Musk had met Prime Minister Narendra Modi during his trip to the US and expressed his interest in setting up a manufacturing facility in India. He had told reporters that Tesla wanted to invest in India “I am confident that Tesla will be in India and will do so as soon as humanly possible,” Musk said.
Two of Tesla’s top executives met with Invest India officials last week and have reportedly set up more meetings in Delhi.
Author: Satish Nandgaonkar
