New Delhi: Tesla Inc has moved a step closer to its launch in India later this year by registering a company in the country, a regulatory filing showed on Tuesday.
Tesla Motors India and Energy Private Limited was incorporated on January 8 with its registered office in the southern city of Bengaluru, a hub for several global technology companies.
The filing shows the Indian unit has three directors including David Feinstein, who is currently a senior executive at Tesla, according to his LinkedIn profile. The others are Vaibhav Taneja and Venkatrangam Sreeram as per the Registrar of Companies (RoC) filing.
The company has been registered as an unlisted private entity with a paid up capital of Rs 1 lakh.
Last month, Union Minister Nitin Gadkari had said Tesla is set to start its operations in the country in 2021 and would also look at setting up a manufacturing unit based on demand.
Tesla chief executive Elon Musk has tweeted several times in recent years, including as recently as October 2020, about an impending foray into India.
In 2019, replying to a Twitter query, Musk had said he "would love to be there this year. If not, definitely next!"
In 2018, Musk had cited the country's challenging regulatory environment as among the reasons for not foraying into India.
The move comes as Indian Prime Minister Narendra Modi is promoting the production and use of electric vehicles to reduce the country's oil dependence and cut down on pollution.
But efforts have been stymied by a lack of investment in manufacturing and infrastructure such as charging stations.
To boost investment, India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities, according to a government proposal seen by Reuters.
Earlier on Tuesday, auto major Tata Motors denied tying up with the company for its India foray.
"Tata Motors has not taken any decision regarding a strategic partner for its PV business and categorically denies any and all rumours suggesting the same," the company said in a regulatory statement.
(With inputs from PTI and Reuters)
