Tube lnvestments of lndia to take full ownership of Cellestial E-Mobility
Murugappa Group’s Tube lnvestments of lndia (TII) said that its fully-owned subsidiary Tl Clean Mobility (TICMPL) has agreed to take full ownership of Cellestial E-Mobility, a Hyderabad-based manufacturer of electric tractors, in a deal worth INR 50.9 crores in cash.
In this connection, Tl Clean Mobility has entered into a share purchase agreement with the founders of Cellestial E-Mobility to acquire the remaining stake of 30.04% or 60,860 shares which it previously didn’t own in the latter.
Cellestial E-Mobility is involved in designing and manufacturing electric tractors, aviation ground support electric equipment, and other electric machinery.
The start-up’s revenue as on 31 December 2022 was INR 65.58 lacs.
Tube lnvestments of lndia’s subsidiary Tl Clean Mobility to take full ownership of electric tractors manufacturer Cellestial E-Mobility. Photo courtesy of Cellestial.
Siddhartha Durairajan and Syed Mubasheer Ali — Cellestial E-Mobility Co-founders said: “Cellestial is well-positioned to achieve its full potential and the acquisition of balance shareholding in Cellestial by TICMPL will accelerate the same. We wish TICMPL and Cellestial all the very best in its endeavor to reach greater heights.”
Tube lnvestments of lndia said that the deal is part of its subsidiary’s plan to consolidate its holding in the electric tractors business.
Subject to the completion of the required formalities, the acquisition is likely to close within 30 days. Following which, Cellestial E-Mobility will become a fully-owned subsidiary of Cellestial E-Mobility.
Arun Murugappan — Tl Clean Mobility Chairman said: “The acquisition of the remaining stake in Cellestial will help TICMPL to consolidate its holding in the electric tractors business and maximize value to the company. We thank the founders for their contribution.”