Serum Institute CEO Calls on Elon Musk to ‘Invest in India’ if His Twitter Bid Fails
13:36 GMT 08.05.2022 (Updated: 11:40 GMT 10.12.2022)
With US electric car manufacturer Tesla vying for the Indian market for a long time, several states -- Telangana, Punjab, West Bengal, Tamil Nadu, and Maharashtra -- have invited its CEO Elon Musk to set up a manufacturing plant. However, the company has been urging the federal government to cut import taxes on its electric vehicles.
Adar Poonawalla, chief executive officer of Serum Institute of India, the world’s largest vaccine manufacturer, urged Tesla CEO Elon Musk on Sunday to invest in India in case his Twitter bid fails.
He even “assured” Musk that this will be his best investment ever.
© Photo : Twitter/@adarpoonawallaSerum Institute of India CEO Adar Poonawalla Suggest Elon Musk to Invest in India
Serum Institute of India CEO Adar Poonawalla Suggest Elon Musk to Invest in India
© Photo : Twitter/@adarpoonawalla
The Tesla CEO had bought a 100 percent stake in Twitter on 26 April for $ 44 billion.
Looking to make inroads into the Indian market, the electric car manufacturer has been urging the Indian government to slash the import duties on electric vehicles.
Top executives of the company have held a meeting with the government on the issue. However, the Centre has made it clear that there will be no import duty reduction or other benefits if Tesla does not set up a local factory.
Last week, Federal Minister for Road Transport and Highways Nitin Gadkari during an event clearly stated that Tesla will get benefits if the company decides to manufacture its electric vehicles in India.
"He (Musk) will get a good market, and it is really a win-win situation for both…It can be easier for him to make it here in India and sell in India. He will get good profits from here. I will request him to come to India and start manufacturing," he stated.
Currently, the customs duty in India on cars imported as completely built units (CBUs) is 60 percent for vehicles priced below $40,000 and 100 percent for those above $40,000.