Ahead of its highly anticipated launch in India, electric vehicle major Tesla has incorporated a company in Bengaluru - Tesla India Motors and Energy Private Ltd - with an paid up capital of Rs 1 lakh and three directors. The registered address of the company, which is likely to be its headquarter, is in the heart of the city, barely a kilometre from the high profile UB City complex.
The firm was incorporated as recently as January 8 and two of the three directors of this company are high-ranking officials in the parent company. Vaibhav Taneja is the Chief Accounting Officer at Tesla and David Feinstein is a global senior director.
Relatively little is known about the third director Venkatrangam Sreeram, who is also on the board of two other firms - Xenon Automotive India, an automotive fleet and dealer management firm, and Clearquote Technologies India, an artificial intelligence firm that specialises in vehicle inspections. Given his association with the two other companies, it is believed Sreeram would likely spearhead the company's unique direct to customer retail model that bypasses the need for brick and mortar showrooms and service centres.
The company is also scouting for land possibly for a manufacturing and R&D set up in the country and is reportedly in talks with multiple states including Karnataka, Maharashtra, Gujarat, Tamil Nadu and Andhra Pradesh. On Monday Karnataka's Industries Minister Jagdish Shettar had confirmed that the state was in talks with the EV major and has also suggested a few locations for its factory.
"We have held talks with Tesla. They will have to confirm in what manner they will participate," said Gaurav Gupta, Principal Secretary, Commerce and Industries Department.
Rumours of the company's entry into India have been swirling for sometime but a confirmation came in October 2020 when its CEO Elon Musk, while responding to a query by Tesla Club India, said its entry would happen "next year for sure". Minister for Road Transport and Highways Nitin Gadkari also recently said that the company would enter India this year.
The development of the company forming a local subsidiary in India was reported by enthusiast Nikhil Chaudhary who manages the independent Tesla Club India account. Chaudhary said he has been keeping a track of the developments on the Ministry of Corporate Affairs website when the information showed up on Tuesday afternoon.
In mid-2020, Tesla became the world's most valued automobile firm by market capitalisation as demand for its electric cars and its shares shot through the roof. Its CEO Musk also recently became the richest man on earth overtaking Amazon's Jeff Bezos.
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