Brands
Tesla drives into India: Mumbai showroom opens with high-priced model Y
MUMBAI: Mumbai played host to a pivotal moment in India’s electric vehicle narrative on Tuesday as Tesla officially inaugurated its first showroom, a sleek 4,000 sq ft experience centre at the upscale Maker Maxity Mall in Bandra Kurla complex (BKC).1 The much-anticipated debut marks the EV behemoth’s initial physical foray into one of the globe’s burgeoning EV markets, kicking off its Indian journey with the Model Y SUV.
The Model Y, imported as completely built units (CBUs) from Tesla’s Shanghai Gigafactory, comes with a rather hefty price tag for Indian consumers: the rear-wheel drive variant is listed at Rs 60 lakh, while the long-range version will set buyers back Rs 68 lakh.2 These figures significantly eclipse Tesla’s base pricing in established markets such as the US ($44,900), China (263,500 yuan), and Germany (45,970 euros), largely due to India’s substantial import duties. Customs documentation revealed each Model Y arrived at Mumbai port declared at Rs 27.7 lakh ($31,988), attracting over Rs 21 lakh in import duties, aligning with India’s 70 per cent tariff on fully-built vehicles priced under $40,000.
Beyond the showroom, which is strategically located near Apple’s flagship store, Tesla has imported nearly $1 million worth of Supercharger infrastructure and accessories from the US and China, earmarked for installation around Mumbai to support early adopters. The company is also establishing a dedicated service centre in Kurla West for after-sales support.
The long-term play for India appears clear. Tesla already boasts a registered office in Bengaluru and an engineering hub in Pune. Maharashtra deputy chief minister, Devendra Fadnavis, underscored this broader vision, hailing Tesla’s arrival as more than a mere commercial venture.
“This is not just the inauguration of an experience centre but a statement that Tesla has arrived, a statement that it has arrived in the right city and state, that is Mumbai, Maharashtra. Mumbai stands for innovation and sustainability. Tesla is not just a car and car company but stands for innovation and sustainability,” Fadnavis declared.
Tesla had teased its entry on its India-specific X handle with a coming coon” post, hinting at a July 2025 debut.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
