Tube Investments of India Limited (TII) wholly-owned subsidiary, TI Clean Mobility Private Limited (TICMPL) has decided to realize its vision for clean mobility by acquiring Cellestial E-Mobility Private Limited.
TICMPL has executed a Share Purchase Agreement with Cellestial E-Mobility Private Limited to acquire 30.04% of Cellestial’s remaining stake for an aggregate of Rs. 50.90 Cr.
Cellestial is an innovative start-up that designs and develops electric tractors.
Cellestial is currently owned by TICMPL at 69.96%.
M.A.M Arunachalam, also known as Arun Murugappan, Chairman of TICMPL commented on the acquisition.
He stated that “The acquisition of Cellestial will allow TICMPL to consolidate its holdings in the electric tractors industry and maximize the value of the company. We are grateful to the founders for their contributions.”
Cellestial’s Co-founders, Siddhartha Durairajan and Syed Mubasheer Ali mentioned that Cellestial is well-positioned to realize its full potential.
The acquisition of Cellestial’s balance shareholding by TICMPL will help accelerate this process.
