Tesla likely to power India journey with investments worth $3-5 billion: Report

The development comes soon after Prime Minister Narendra Modi’s meeting with Musk in the US during the former’s trip to meet President Donald Trump.

Global electric vehicle giant Tesla’s entry in India may see an initial investment between $3 billion and $5 billion, a report by India Today said.

The company is likely to set up its manufacturing facility in India as it has begun its search for land parcels. Maharashtra has emerged as the frontrunner, according to a report by The Economic Times. In Maharashtra, Chakan and Chikhali has been offered as the potential sites, both of which are close to Tesla’s current office in Pune, an automobile manufacturing hub.

However, the India Today report claimed that Gujarat could also turn out to be an option for the billionaire Elon Musk-led company.

The TV channel further said that top Tesla executives are expected to visit the country in April this year and hold meetings with the Prime Minister’s office and other key ministries.

The development comes soon after Prime Minister Narendra Modi’s meeting with Musk in the US during the former’s trip to meet President Donald Trump.

The company has also zeroed in on two retail showroom locations, one in Mumbai’s business district BKC and Delhi’s Aerocity, a report by CNBC-TV18 said.

The report further said that the EV firm plans to kick start its operations in India by April this year, with the first set of cars being imported from Berlin. The firm is keen on starting its India operations with the launch of a sub-$25,000 (Rs 22 lakh) car, the channel said.