Elon Musk's India Ambitions Get Major Boost As Starlink Gets Approval Following Tesla's Mumbai Debut
After the debut of Tesla Inc. (NASDAQ:TSLA) in India with a maiden outlet in the country's financial capital, Mumbai, Elon Musk's ambitions to expand his presence in the Indian market got a boost as Starlink received regulatory approval to begin operations in the country.
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What Happened: Starlink was handed a license by the Indian National Space Promotion and Authorisation Centre, in what was the final regulatory hurdle for the space-based satellite internet company, the New York Times reported on Thursday.
However, challenges still lie ahead for Starlink, which would have to develop domestic sites in India to store data, required by Indian law for national security reasons, as well as infrastructure to connect to the LEO satellites, the report suggests.
Indian law also requires Starlink to shut off access to the internet using its services whenever the government issues a request to the company, the report outlines.
Why It Matters: Tesla's entry into the country marks a significant milestone for Musk, as the billionaire had been eyeing the Indian market for a while. With the debut, Tesla will initially sell the Model Y in India for $70,000 for the base-spec Rear-Wheel Drive variant.
Elsewhere, Starlink signed agreements with Bharti Airtel as well as Indian billionaire Mukesh Ambani's Jio Platforms Ltd., the country's two top telecom networks, to offer internet services in the country.
Meanwhile, Tesla's annual shareholder meeting is set to take place on November 6th, with experts like Wedbush Securities' analyst Dan Ives suggesting that Musk's $56B pay package would likely be in focus.
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