Tesla leases office in Pune’s Viman Nagar

The US-based electric car manufacturer has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd to lease a 5,850-square feet office on the first floor of B wing in Panchshil Business Park

Mumbai: Days after two of its senior executives reportedly had a meeting with Invest India officials last week to discuss plans of entering India and setting up an electric vehicle manufacturing plant, Elon Musk’s company Tesla India Motor and Energy Pvt Ltd has leased an office space in Panchshil Business Park in Pune’s Viman Nagar.

Tesla leases office in Pune’s Viman Nagar

The US-based electric car manufacturer has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd to lease a 5,850-square feet office on the first floor of B wing in Panchshil Business Park.

Tesla will pay a monthly rent of ₹11.65 lakh and a security deposit of ₹34.95 lakh for 60 months. The lease deal will include five car and 10 bike parkings slots as per the agreement registered on July 26, 2023, according to the documents accessed and shared by CRE Matrix, a real estate analytics firm.

According to the documents, the two companies agreed for a lock-in period of 36 months with a 5% per annum escalation clause. The rent will commence from October 1, 2023.

Panchshil Business Park in Viman Nagar has a development size of 10,77,181 sq ft and is under construction, according to Panchshil Realty website. It is located 500 metre from Nagar Road and is just three kms from Pune International Airport. It is easily accessible from residential areas like Kalyani Nagar, Koregaon Park, Wadgaon Sheri and Kharadi.

Though Tesla’s Indian subsidiary was registered in Bengaluru in 2021, the company’s entry into the country has been slow. A Reuters report in May said Tesla had proposed setting up a factory to build electric vehicles and manufacture EV batteries. “They are very seriously looking at India as a production and innovation base,” Rajeev Chandrasekhar, minister of state for electronics and information technology, had told the agency in May.

In June, Musk met Prime Minister Narendra Modi during his US trip and evinced interest in setting up a manufacturing facility in India. He had told reporters that Tesla was keen to invest in India. “I am confident that Tesla will be in India and will do so as soon as humanly possible,” Musk was quoted as saying.

Two of Tesla’s senior executives met with Invest India officials last week and have reportedly lined up more meetings in Delhi.