look news india
Tesla deal with Tata: Before Elon Musk comes to India next week, he has made a big deal with the country's veteran businessman Ratan Tata. Elon Musk wants to invest heavily in EV in India. They are also coming to India with the intention of setting up a plant.
For Tesla's entry in India, Elon Musk has made a big deal to buy semiconductor chips from Tata Electronics. After meeting Prime Minister Modi, Elon Musk is going to invest heavily in EV. Setting up a factory in India will provide employment on a large scale. On social media platform X, Elon Musk informed that he can meet Indian Prime Minister Narendra Modi.
The report claims that Elon Musk sees big opportunities for Tesla in India. To establish Tata Electronics as a trusted supplier to top global customers. The deal process will be completed in a few months. The amount of the deal between Tata Electronics and Tesla has not been disclosed.
2 to 3 billion dollars can be invested
Ashok Chandak, president of the Indian Electronics and Semiconductor Association, said Tesla's decision will create an ecosystem for local suppliers of electronics. Currently Tata Electronics has recruited 50-60 top level experts. Besides, this company can also invest 2 to 3 billion dollars.
Auto companies have been allowed to import electric vehicles worth $35,000 or more at 15 percent lower import duty. This will depend on a commitment to invest $500 million over 3 years to set up manufacturing plants in India.
Tata Electronics Semiconductor Plant
Tata Electronics has set up manufacturing plants in Hosur, Dholera and Assam with an investment of $14 billion. With industries shifting from China due to the Covid pandemic, Tesla is seeing huge opportunities in India for key essential products including electric motors and battery packs.