Intending to build an EV plant in India, Tesla signs a 5-year office lease in Pune


Elon Musk’s company Tesla India Motor & Energy Pvt Ltd has leased an office space in Panchshil Business Park in Viman Nagar in Pune, days after two of its senior executives reportedly met with Invest India representatives last week to discuss plans to enter India and set up a manufacturing electric vehicle plant.

The maker of electric vehicles and Tablespace Technologies Pvt Ltd have agreed to a five-year lease for a 5,850 square foot office on the first floor of the B wing of Panchshil Business Park. For the 60-month lease of the premises, Tesla will pay a monthly fee of 11.65 lakh rupees and a security deposit of 34.95 lakh rupees.

According to the lease agreement signed on July 26, 2023, the lease agreement will feature five car parks and ten bike parks, according to records discovered and provided by CRE Matrix, a real estate analytics company.

The records state that two businesses agreed to a 36-month lock-in period with a 5% annual escalation provision. The first month’s rent will be due on October 1, 2023.

According to the Panschil Realty website, Panchshil Business Park at Viman Nagar is now under construction and has a development area of 10,77,181 sq. Ft. It is only three kilometers from the Pune international airport and 500 meters from Nagar Road. From residential neighborhoods like Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi, it is conveniently accessible.

The introduction of Tesla into India has been sluggish, despite the fact that its Indian subsidiary was registered in Bengaluru in 2021. In May, Reuters reported that Tesla has suggested building an electric vehicle factory and producing EV batteries in India.

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