Elon Musk's Tesla opens India entity in Bengaluru

Billionaire Elon Musk-led Tesla has registered a subsidiary company in India, as the Cupertino-headquartered electric vehicle (EV) maker eyes a slice of the largely untapped domestic sustainable automobile market.

According to a Registrar of Companies (RoC) filing, the new entity Tesla India Motors and Energy Private Limited is registered in Bengaluru and is classified as a subsidiary of a foreign company. It has also registered its office in Lavelle Road, a business district in the southern city, with paid-up capital of Rs 1 lakh and an authorised capital of Rs 15 lakh, according to the filing.

Tesla has named Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein as the three directors in the newly formed entity in the country.