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Tesla Inc.’s Chief Executive Officer Elon Musk is set to visit India and meet with Prime Minister Narendra Modi, sparking speculation about the US company’s investments in the South Asian nation just ahead of the start of national elections.

Musk is expected to visit India this month, the Economic Times reported following his post on X Wednesday, a social-media platform he owns. One of the world’s richest men is likely to announce his investment plans for the country, including setting up a manufacturing facility, the newspaper wrote.

The visit comes as Modi seeks a third term in office in elections starting later this month and will likely boost claims of the government’s success in attracting global capital in a range of industries from energy to technology and transport to help create jobs for millions of its youth.

Tesla has been weighing setting up an electric-vehicle plant in India, the world’s third-biggest greenhouse gas emitter that’s seeking to decarbonize its economy and turn net zero by 2070.

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