Elon Musk to meet PM Modi in April, announce investment plans in India: Report

Elon Musk is expected to make an announcement related to investment plans in the country.

Tesla CEO Elon Musk will visit India this month to meet PM Narendra Modi. He is also expected to make an announcement related to investment plans in the country and opening a new factory, news agency Reuters reported citing people in the know.

Elon Musk appears at an event in London.(AP)

The billionaire will meet PM Modi in the last week of April in New Delhi, the report claimed. Elon Musk will separately make an announcement about his India plans, two unnamed sources told Reuters. It was earlier reported that Tesla officials are expected to visit India this month to look at sites for a manufacturing plant which would be a major investment of about $2 billion.

Tesla scouting for local partners in India?

A report in The Hindu Business Line claimed that Tesla might be looking for a local partner to set up its operations in India. The outlet reported citing people in the know that the company is in talks with Reliance Industries for a possible joint venture to build the manufacturing facility in India.

“Talks are at initial stages and have been ongoing for over a month,” a person aware of the development said as per the report while another said, “The role of RIL hasn’t been crystalised yet, it is expected that the Indian conglomerate may play a significant hand in establishing the manufacturing facility and the allied ecosystem for Tesla in India."

What has Tesla planned for India?

Tesla has committed $2 billion to its upcoming plans in India and has been looking at multiple locations for setting up the plant but Maharashtra could emerge as the preferred location as “Tesla plans to use the facility for domestic and export purposes, and hence, it may prefer a location suitable for port facilities", the report added.