Elon Musk’s Tesla makes quiet entry into India, registers company in heart of Bengaluru

By: |
January 12, 2021 11:25 PM

According to a regulatory filing, the firm has registered Tesla India Motors and Energy Pvt Ltd with RoC Bangalore.

Tesla, tesla news, Tesla latest, tesla India news, tesla India latest, Elon Musk, Tesla Karnataka, Tesla Bengaluru, Tesla BangaloreDuring his reign as the World’s richest man, Elon Musk was seen fanning the crypto craze with his love for memes on Twitter. (Image: REUTERS)

American electric car maker Tesla has registered its Indian arm amid indications that the company is set to enter the country’s automobile market. According to a regulatory filing, the firm has registered Tesla India Motors and Energy Pvt Ltd with RoC Bangalore. The company has been registered as an unlisted private entity with a paid up capital of Rs 1 lakh. Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein have been appointed as directors of Tesla India, as per the Registrar of Companies (RoC) filing.

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. Earlier on Tuesday, auto major Tata Motors denied tying up with the company for its India foray.

“Tata Motors has not taken any decision regarding a strategic partner for its PV business and categorically denies any and all rumours suggesting the same,” the company said in a regulatory statement. 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 2019, replying to a Twitter query, Musk had said he “would love to be there this year. If not, definitely next!” 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. Maharashtra is already home to a host of domestic and foreign automobile manufacturers, with the Chakan industrial belt near Pune being a major automobile hub.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Quarterly Results: Cipla net profit surges 73% to Rs 412 crore in Q4 on robust sales
25G in India: New report suggests 40 million users can take up 5G within first year of service rollout
3Twitter to soon make searching for DMs easier for Android users