(RTTNews) - Electric car major Tesla Motors has entered into the Indian automobile market by incorporating its registered office under the name "Tesla India Motors and Energy Pvt. Ltd." in the southern city of Bengaluru in the state of Karnataka.
According to a Registrar of Companies (RoC) filing, the new entity is registered as a "subsidiary of foreign company." The filing also shows its office registered in Lavelle Road with an authorized capital of INR 15 lakhs and a paid-up capital of INR 1 lakh.
Ahead of the official launch of the company, the car maker also has named three directors for the newly formed Indian entity - Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein.
One of the directors Feinstein is Global Senior Director, Trade Market Access at Tesla and is currently based out of California. Taneja is a Chief Accounting Officer at Tesla, while Sreeram is associated as a director with another two companies.
This move by Tesla comes at a time when the Indian and state governments are focused on reducing carbon footprint by encouraging adoption of green technology.
Operations in India could initially begin with sales and later move on to assembly and manufacturing in the country, based on the response to its cars, reports stated. Tesla is also reportedly looking to open a research and development (R&D) centre in Bengaluru.
Recent reports indicated that the first model to be launched in India will be the Tesla Model 3 midsize luxury sedan, for which booking likely to start in a few weeks. The Model 3, the most affordable of Tesla's three vehicles, was launched in the international markets way back in 2017.
Earlier, the Economic Times reported that Tesla's sales in India will happen only in the second half of 2021. Completely built units will be be imported into the country and are likely to be priced from INR 55 lakh onwards.
Union road transport and highways minister of India Nitin Gadkari had revealed in late December that Tesla was looking to begin operations in India in early 2021.
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