Reuters reports Thursday, citing two unnamed sources, that Tesla (NASDAQ:TSLA) executives met with India's Commerce Minister, Piyush Goyal last week to discuss the carmaker's plans to establish a manufacturing plant in the country.
Tesla and Goyal discussed the company's plans during the meeting, said the first source, declining to elaborate further.
The closed-door meeting with Minister Goyal is the most high-profile meeting between the two entities since CEO Elon Musk met Indian Prime Minister Narendra Modi in June.
According to the sources, the meeting with Goyal took place at a hotel in New Delhi. During this meeting, Tesla executives privately met with the minister along with at least one other government official.
Tesla's senior public policy and business development executive Rohan Patel, and a vice president for supply chain, Roshan Thomas, also held meetings with officials from the Invest India agency during their time in the country.
Tesla has shown keen interest in establishing a factory in India with the objective of manufacturing a low-cost electric vehicle priced at $24,000. This price point represents a 25% reduction compared to Tesla's existing entry model and is intended to cater to both the Indian market and international exports.
Shares of TSLA are up 1.49% in afternoon trading on Thursday.