Elon Musk slated to unveil USD 2-3 billion India investment on visit next week: Report

Tesla chief Elon Musk is expected to make an investment announcement of USD 2-3 billion in India, chiefly for making a new factory, upon his India visit to meet PM Modi in the coming week, Reuters reported citing two persons in the know. 

Musk is expected to meet the Prime Minister on Monday and slated to unveil plans to enter the world's third-largest auto market, Reuters reported. 

The two persons informed the newswire that the investment figure would be given without specifics of the timeline or the state in India where a factory would be set up. This, even as it has begun scouting for a showroom in Delhi and Mumbai and its Berlin factory is producing right-hand cars to export to India later this year, Reuters noted. 

The government in March unveiled a new EV policy, effectively reducing import taxes from 70-100% to 15% on certain models if a carmaker invests a minimum of USD 500 million and establishes a factory. 

Musk is also likely to attend an event organised by the Indian government in New Delhi with space startups, Reuters noted.