Elon Musk's India Tour: From Rs 16,000 Cr - Rs 25,000 Cr Investment To Meeting Space Startups
Next week, during his anticipated visit to India, Tesla CEO Elon Musk is expected to unveil a significant investment ranging between $2 to $3 billion (Rs 16,000 Crore - Rs 25,000 Crore), as per sources familiar with the matter, reports Reuters.
Earlier reports suggest that Elon Musk is scheduled to meet Prime Minister Narendra Modi on Apr 22, after which Tesla's entry into the Indian market is expected to be formally announced.
Elon Musk's Upcoming India Tour
Details surrounding the New Delhi visit of the billionaire CEO have been shrouded in secrecy, with Elon Musk publicly confirming only that he will meet PM Modi in India during his visit, on his platform X.?
It is anticipated that Musk will announce the investment amount for India during his visit, though specifics such as a timeline or the location for the manufacturing plant or factory will not be disclosed.
Earlier reports from Reuters indicate that Tesla has already initiated the process of scouting for showroom space in major metropolitan cities like New Delhi and Mumbai. Furthermore, Tesla's Berlin factory is currently manufacturing right-hand drive cars, with plans to export them to India commencing later this year.
Musk Is Expected To Meet Indian Space Startups
According to Bloomberg, the CEO of SpaceX is also set to meet with Indian space companies such as Skyroot Aerospace, Agnikul Cosmos, Bellatrix Aerospace, and Dhruva Space during his visit to New Delhi. Requests from these firms, received from the government, indicate their interest in meeting with the tech giant.
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Musk may also use the opportunity to announce the launch of Starlink services in India. Despite establishing a wholly-owned unit in the country in 2021, Starlink has been awaiting government approvals to commence its services.
Elon Musk's Compensation Fiasco
Tesla Inc. is set to hold another shareholder vote on Elon Musk's compensation package following a Delaware court's nullification of the $56 billion award initially arranged for the CEO back in 2018. Additionally, the electric-car maker will seek approval for relocating the company's state of incorporation from Delaware to Texas. These matters will be addressed at Tesla's annual meeting scheduled for June 13, as outlined in the proxy filing released on Wednesday.
Earlier this year, Elon Musk, who oversees six companies, expressed his preference to focus on artificial intelligence and robotics ventures outside of Tesla unless he holds a 25% stake in the company. Currently, Musk possesses approximately 13% ownership of Tesla.
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