E-PaperElon Musk’s Tesla in talks with Reliance to set up Indian operations; company on scout for EV plant sites: Report
American electric vehicle giant Tesla is in talks with Reliance Industries to set up a local EV manufacturing site in India through a joint venture.
Global automaker Tesla is on the lookout for a local partner to establish its operations in India, according to a report by The Hindu Businessline on April 9. According to sources within the electric vehicle major, the company is in talks with Reliance Industries to form a joint venture to set up a manufacturing facility in the country.
“Talks are at initial stages and have been ongoing for over a month,” said a person aware of the matter, as quoted by The Hindu Businessline. The source said the move shouldn’t be taken as RIL’s entry into the automobile space. RIL’s objective in the joint venture is to create capacities for electric vehicles in India, he added.
“While the role of RIL hasn’t been crystalised yet, it is expected that the Indian conglomerate may play a significant hand in establishing the manufacturing facility and the allied ecosystem for Tesla in India,” said another highly placed source with information on the matter, as quoted in the report.
Financial Times earlier this month reported that Elon Musk had sent a team to India in April to scout for sites for a proposed $2 billion to $3 billion electric car plant.
Additionally, in an interview with Bloomberg earlier, Rajesh Kumar Singh, the secretary of the Department for Promotion of Industry and Internal Trade, said that it's now up to Elon Musk to “make the announcements of their manufacturing plans.”
Also Read | India asks Tesla to lay down EV plant investment plan, ‘the ball is in their court as...’
Tesla would also look to expand purchases of auto components from the country to as much as USD 15 billion, Bloomberg reported in November 2023.
- Top Gainers
- Top Losers
- 52 Week High
