Tesla Drives Into India: Elon Musk Led Electric Vehicles Major Registers Firm In Bengaluru

Elon Musk-led US electric vehicles major Tesla has registered a company in Karnataka's Bengaluru, weeks after Union Minister for Road Transport and Highways Nitin Gadkari had in December said that the company will soon set shop in India starting with sales and later exploring local assembly and manufacturing, reports Times of India.

Called "Tesla Motors India and Energy Private Limited", the company was registered in India on 8 January with three directors. The directors include senior Tesla executives David Feinstein, Venkatrangam Sreeram and Vaibhav Taneja. Taneja is presently Tesla's chief accounting officer.

According to the Registrar of Companies (RoC), the entity is registered as an unlisted private company with an authorised capital of Rs 15 lakh and paid-up capital of Rs 1 lakh.

Speaking about the development, Karnataka's Industries Minister Jagadish Shettar said that the officials led by the state's Principal Secretary are in constant dialogue with the company and that the state government is prepared to extend all kinds of support.

However, it should be noted that Shettar also shared that presently there is no clarity on what Tesla would do with the newly incorporated Indian company. He emphasised that the company's registration is the first step.