TI Clean Mobility to acquire additional 30.04 pc stake in Cellestial E-Mobility for Rs 51 crore

TI Clean Mobility Pvt Ltd on Friday said it will acquire an additional 30.04 per cent stake in Cellestial E-Mobility Pvt Ltd for Rs 50.90 crore to consolidate its holding in electric tractors business.

The company, a wholly-owned arm of Murugappa Group firm Tube Investments of India Ltd, said it has signed a share purchase agreement with the founders of Cellestial for the acquisition.

It currently holds 69.96 per cent in Cellestial, a startup company engaged in design and development of electric tractors, TI Clean Mobility Pvt Ltd (TICMPL) said in a statement.

''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,'' TICMPL Chairman MAM Arunachalam said.

Cellestial co-founders Siddhartha Durairajan and Syed Mubasheer Ali said the startup is well-positioned to achieve its full potential and the acquisition of balance shareholding in Cellestial by TICMPL will accelerate the same.

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