Elon Musk’s Tesla is seeking a local partner to set up operations in India, sources told Business Line. Tesla founder Elon Musk on Wednesday confirmed that he would be visiting India later this month and meeting Prime Minister Narendra Modi.
Quoting sources, a Moneycontrol report said the electric vehicle manufacturer is in talks with Reliance Industries Limited (RIL) for a potential joint venture to set up a manufacturing facility in the country.
According to people familiar with the matter, the talks between Tesla and RIL have been in progress for over a month. However, the source added that this should not be interpreted as RIL’s entry into the automobile sector. Rather, RIL aims to boost electric vehicle capabilities in India through this partnership.
Another source suggested that RIL is expected to play a significant part in setting up the manufacturing unit and support ecosystem for Tesla in India.
News18 could not independently verify the report.
Reuters has previously reported that Tesla officials are expected to visit India this month to look at sites for a manufacturing plant that would require an investment of about $2 billion.
Musk is likely to be accompanied by other company executives during the visit expected around April 22, a source said.
Elon Musk’s visit to India comes weeks after the government announced a new electric vehicle policy under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million. The move was aimed at attracting major global players like Tesla.
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