Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Tesla might be looking for a regional partner to launch its operation in India. According to well-placed sources, the US electric car giant and Reliance Industries are in talks with the possibility of forming a joint venture to build the production facility in the country.
“Talks are at initial stages and have been ongoing for over a month,” said a person aware of the development. The source said the move shouldn’t be construed as RIL’s entry into the automobile space. RIL’s objective in the joint venture is to build capacities for electric vehicles in India.
“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 knowledge of the matter. In 2023, RIL, in partnership with Ashok Leyland, launched India’s first hydrogen internal combustion engine-powered heavy-duty truck. RIL also unveiled removable and swappable batteries for EVs last year.
Tesla is said to have committed $2 billion to its upcoming plans in India. The company has been looking at multiple locations, including Gujarat and Maharashtra, for setting up the plant. Sources said that Maharashtra could emerge as the preferred location. “Tesla plans to use the facility for domestic and export purposes, and hence, it may prefer a location suitable for port facilities,” said a source quoted above.
In a X (formerly Twitter) Spaces session with Nicolai Tangen, CEO, Norges Bank Investment Management, Elon Musk, CEO, Tesla said: “India is now the most populous country in the world, based on population. 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,” thereby confirming Tesla’s entry into India.
Senior officials of Tesla are expected to visit the country to finalise the plant location in a month or so and crystallise on the joint venture with RIL. Sources add that since the JV talks with RIL aren’t exclusive, Tesla may scout for another domestic partner if ongoing talks don’t fructify.
Also Read : PV segment likely to see record 18-20% growth in FY24: Report PM Modi unveiled first in-plant railway siding project in India, Maruti Suzuki unit in Gujarat
Emphasising the importance of coal and lignite gasification projects in India's energy transition, U...
Raw Material 17-Feb-2024
Chief Economic Adviser V Anantha Nageswaran on Thursday said measures like the Carbon Border Adjustm...
Business 15-Feb-2024
Saudi Aramco is in investment conversations with Indian enterprises, according to a senior executive...
Large Corporate 07-Feb-2024
The dry port at Jalna is one of several significant projects across India that Prime Minister Narend...
Logistics 12-Mar-2024
Two new coal mines with a cumulative PRC of 7.5 million tonne (MT) have started producti...
Press Releases 01-Feb-2024
Greenhouse gas emissions from the aluminium sector have been slipping in recent years even as output...
Non-Ferrous 29-Feb-2024