Tesla founder and CEO Elon Musk is planning to visit India later this month to meet PM Narendra Modi, reported news agency Reuters.
Musk's meeting with PM Modi is scheduled for the week of April 22 in New Delhi. During his visit, he is also expected to make a separate announcement regarding his plans for India.
Earlier reports suggested that Tesla officials would be visiting India this month to explore potential sites for a manufacturing plant. The establishment of such a facility is estimated to require an investment of approximately $2 billion - $3 billion.
Tesla has been actively surveying various locations across India, with Gujarat and Maharashtra emerging as potential sites for the plant. Maharashtra appears to be the favoured choice, as per the report's claims.
"India is now the most populous country in the world. India should have electric cars just like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India," said Musk.
Besides the minimum investment requirement, the policy outlines a three-year timeline for setting up manufacturing facilities in India, commencing commercial production of EVs, and achieving 50% domestic value addition (DVA) within five years at the maximum.
Additionally, the ministry stated that achieving DVA during manufacturing would include a localisation level of 25% by the third year and 50% by the fifth year
