Elon Musk, the billionaire CEO of Tesla and SpaceX, has postponed his highly anticipated visit to India. His visit was meant to include a meeting with Indian Prime Minister Narendra Modi in New Delhi. Musk cited “very heavy Tesla obligations” as the reason behind the delay.

In a statement, Elon Musk expressed his disappointment, stating, “Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year.” Last week, Musk had confirmed the meeting with PM Modi on his social media platform, X (formerly known as Twitter).

Musk’s visit was expected to include an announcement of a multi-billion-dollar investment to build a Tesla factory in India. The Tesla CEO had previously met with PM Modi during the latter’s visit to the United States in June last year. They discussed Musk’s plans to visit India in 2024 and Tesla’s aspirations to enter the Indian market, including the establishment of a highly anticipated factory.

The announcement of Musk’s visit came after the Indian government unveiled a new electric vehicle policy, which offers import duty concessions to companies setting up manufacturing units in India with a minimum investment of $500 million.

Apart from Tesla, Musk’s visit was anticipated to boost another ambitious project in India: Starlink. Sources familiar with the matter claimed that Starlink had received assurances from the Indian government to commence operations in the country as early as the third quarter of this year. The launch of Starlink in India would deepen the security partnership between the United States and India, according to experts.

In February, India eased foreign direct investment rules for the space sector, allowing companies to invest in satellite and rocket manufacturers. This move aimed to stimulate growth and innovation in the country’s space industry.