(Bloomberg) – Tesla Inc. Chief Executive Officer Elon Musk is scheduled to visit India and meet with Prime Minister Narendra Modi, raising the stakes for U.S. companies in the South Asian country ahead of the start of national elections. Speculation about the investment is widespread.
Most Read Articles on Bloomberg
Musk is scheduled to visit India this month, the Economic Times reported, following a post he made on his social media platform X Wednesday. The newspaper reported that he is likely to announce investment plans in the country, including the establishment of manufacturing facilities.
The visit comes as Prime Minister Narendra Modi seeks a third term in power in elections starting later this month, as he looks to expand his portfolio from energy to technology to transport to help create jobs for millions of young people. It is likely to strengthen claims that the government is successful in attracting global capital across a wide range of industries. .
Another topic that Musk will discuss in his meeting with Modi will be Starlink, the satellite business owned by Musk’s SpaceX, The Times of India reported on Saturday, citing anonymous sources. Reported.
Separately, the Economic Times on Saturday reported that Starlink could receive conditional approval for a satellite communications license from the Indian government, citing people familiar with the matter. Conditions could include that Starlink not transfer data abroad or share certain details about machines used in India with the United States, one of the people told the paper. It is said that there is a sex.
Starlink may also be asked to partner with Indian companies, the paper said. Starlink provides space-based internet services to more than 2.6 million customers.
Rohan Patel, Tesla’s head of business development, said in a post on X that media speculation exists everywhere and India is “not immune” to it.
Tesla is considering setting up an electric car factory in India, the world’s third-largest emitter of greenhouse gases, as it seeks to decarbonize its economy and reduce emissions to net zero by 2070.
—With assistance from Dan Strumpf.
(Updates media reports that Musk discusses Starlink and Modi in 4th paragraph)
Most Read Articles on Bloomberg Businessweek
©2024 Bloomberg LP
