To operate future construction and supply chain activities in India and develop a local ecosystem, Tesla has taken a significant step by renting a new office space in Kurla West, Central Mumbai. This step highlights the company’s increasing commitment to the Indian market. This new place is Tesla’s fourth office in India, which is its engineering facility in Pune, a registered office in Bengaluru and a 30-seat office near Bandra Kurla Complex (BKC) in Mumbai, according to an ET report, which was secured on a one-year lease. Recently the lease is the second office deal Tesla has finalized within two months, which reflects the growing focus on preparing its operation in India. The company’s Indian subsidiary Tesla India Motor and Energy has signed a five -year lease for 24,500 square feet at Lodha Industrial and Logistics Park in Kurla developed by Macrotech Developers. Registered in May, the agreement is an initial monthly rent of Rs 37.53 lakh, which is more than Rs 24 crore from the full lease period. According to documents obtained from real estate analytics firm Cre Matrix, the lease period began on April 20 and includes a month and ten-day fare-free period, with payment of rent starting on 1 June. The fare is set to increase by 5% annually, while the normal area maintenance (CAM) fee is fixed at Rs 10 per sq ft, increasing by 5% at the beginning of each financial year. The new lease follows to secure its first showroom at Tesla’s BKC, a major milestone in its anticipated launch in the extended electric vehicle market in India. The deal on that lease set a national record with a rent of Rs 881 per square foot per month. Tesla’s recent activity revealed its intense approach to the Indian market from February, after Prime Minister Narendra Modi’s meeting with Tesla’s CEO Elon Musk, during Modi’s visit to America. Earlier, Tesla had expressed concern about high import duties in India. The company’s India entry has created a lot of anticipation, especially after the recent policy adjustment by the Government of India, which aims to encourage international electric vehicle manufacturers to invest and establish local production facilities. While Tesla has not yet confirmed the location of its factory in India, the steps like this new lease show that the company is quietly doing ground work to operate its future.
