Elon Musk’s Starlink licence application in process, ownership ‘declaration’ received: Report

The FDI and financial aspects are in sync with the requirements and conditions, sources said, adding that the ownership ‘declaration’ has also been received from Starlink.

Two persons familiar with the process said the due diligence is currently on, and security aspects are being looked into.

Billionaire entrepreneur and Tesla boss Musk is scheduled to visit India on April 21 and 22, and the action-packed 48 hours may see him announce the company’s mega investment plans for the country.

Musk’s much-awaited visit to India comes just weeks after the government announced a new electric vehicle policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like Tesla.

Last week, Musk confirmed his visit to India and his planned meeting with Prime Minister Narendra Modi, as he penned a post on X saying, “Looking forward to meeting with Prime Minister @NarendraModi in India”.

Musk-owned Starlink has also applied for the permit to start satcom services in India, and given Starlink’s domination of the skies – it has a constellation of 4,000 low earth orbit (LEO) satellites – any update on business plans for satellite-based internet service provided by Musk’s company, as also progress on approval process will be keenly watched out for.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Published: 16 Apr 2024, 10:02 PM IST