US electric car maker Tesla has made its debut in India with its very first office in Bengaluru.
On January 8, it has registered a company with the name “Tesla India Motors and Energy.”
It has an authorised capital of Rs 15 lakh and has its registered office on Lavelle Road in Bengaluru.
What to manufacture?
However, what Tesla will manufacture in its India unit is still in the suspense.
Karnataka chief minister BS Yediyurappa tweeted on Tuesday that Tesla would soon start operations in India with an R&D unit in Bengaluru, but deleted it shortly after.
He tweeted: “Karnataka will lead India’s journey towards Green Mobility.
Electric Vehicle Manufacturer Tesla will soon start its operations in India with an R&D unit in Bengaluru.
I welcome Elon Musk to India and Karnataka and wish him all the very best.” But deleted after few minutes
Board of Directors & their role
The registered company has three directors — Vaibhav Taneja, Venkatrangam Sreeram, and David Feinstein.
Taneja is chief accounting officer at Tesla.
Feinstein is senior director of global trade and new markets (finance) at Tesla while, Sreeram’s status is not clear.
Expansion in India
The company is also in touch with as many as five state governments to set up operations in the country.
It includes Maharashtra, Gujarat, Andhra Pradesh and Tamil Nadu.
Company’s Performance
Tesla’s market capitalisation has gone up more than 750% in the past year, valuing the electric vehicle maker at about $800 billion.
Industries Minister commented
Jagadish Shettar, “While the firm has now registered, there is still no clarity what they would do here.
This is the first step, and our officials led by the principal secretary are in constant dialogue with the firm.
The government is prepared to extend support to the firm.” TOI
Fastest growing sector – “Automobile”
According to a report by Nasscom and Everest Group, Automobile is one of the fastest growing areas in the $31-billion Indian engineering R&D space.
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