SUMMARY
With the plans, the company has already approached the government with its plans and requested for subsidies
A selected partner will help Tesla to set up the plant in the country, while Tesla will deploy its technology and sales expertise
This project coincides with the central government’s efforts to harness solar energy to light up 1 Cr households by providing 300 units free electricity through an investment of INR 75,000 Cr
Amid plans to foray into Indian electric mobility market, Elon Musk-led electric car maker Tesla is now planning to venture into the country’s rooftop solar panel manufacturing market.
The company has already approached the government with its plans and requested for subsidies, Mint reported citing its sources in the company.
According to the report, a selected partner will help Tesla to set up the plant in the country, while Tesla will deploy its technology and sales expertise.
This project coincides with the central government’s efforts to harness solar energy to light up 1 Cr households by providing 300 units free electricity through an investment of INR 75,000 Cr (more than $903 Bn) under PM Surya Ghar: Muft Bijli Yojana.
The latest development is an addition to Elon Musk’s ambitious India plans.
Musk is in advanced talks with the government to set up a battery manufacturing plant and also manufacture Tesla cars in the country. Earlier this year, the company was reported to be planning nearly $30 Bn in direct and indirect investments in India over the course of the next five years.
According to media reports, the company may primarily invest $3 Bn to set up a small car manufacturing unit in the country and follow up with $15 Bn more into the battery ecosystem over a five-year period.
The EV maker is reportedly planning to set up the first manufacturing unit in Gujarat, and the negotiations for the establishment of its first manufacturing unit in India is in the final stage and is likely to conclude soon.
In addition, Musk’s Starlink is also expected to launch in India soon as the company is reportedly expected to get approval for launching its space broadband services in India shortly. Earlier, the company was asked by the government to clarify its shareholding patterns and ensure no shareholders from the neighbouring countries of India.
Following a clarification on the same, the department for promotion of industry & internal trade (DPIIT) on the shareholding pattern.
