Tesla, a company owned by Elon Musk, has signed a five-year lease for office space in Pune

Tesla India Motor & Energy Pvt Ltd, which is helmed by Elon Musk, has leased office space at Viman Nagar’s Panchshil Business Park in Pune. In order to negotiate incentives and perks for selling its electric vehicles in India, Tesla officials met with the commerce and industry ministry last week.

According to a Hindustan Times story, Tablespace Technologies Pvt Ltd and Tesla’s Indian affiliate have agreed to a five-year lease for 5,580 square feet of office space on the first floor of B Wing in Panchshil Business Park.

On October 1st of this year, the rent for the office space will start. The article also said that two corporations had agreed to a 36-month lock-in term with a 5-percent-per-year escalation provision. The lease may potentially be extended for an additional 10 years.

According to documents provided by real estate analytics company CRE Matrix and published by Hindustan Times, Tesla would pay a security deposit of 34.95 lakh rupees along with a monthly fee of 11.65 lakh rupees to lease the premises for 60 months.

The 10,77,181 square foot Panchshil Business Park, which is currently under construction and is about 3 kilometers from the Pune International Airport, will be simple to reach from the city’s residential areas, including Koregaon Park, Kharadi, Wadgaon Sheri, and Kalyani Nagar.

According to a report by The Economic Times, the Indian government has granted the go-ahead for component manufacturing for electric car manufacturers, notably those from China. The corporation hasn’t received any exemptions from the government, however.

According to a Reuters story, Tesla established its Indian company in Bengaluru in 2021 and has plans to build a facility there to produce electric cars and EV batteries.