TI Clean Mobility, which currently owns 69.96% of Cellestial E-Mobility, has acquired its remaining 30.04% stake for Rs 509 crore.
TI Clean Mobility, a wholly owned subsidiary of Murugappa Group’s Tube Investments of India (TII), has acquired a 100% interest in Cellestial E-Mobility Pvt Ltd, a start-up engaged in the design and development of electric tractors.
In line with growth plans for the electric vehicle industry, TI Clean Mobility, which currently owns its 69.96% stake in Cellestial E-Mobility, today created Cellestial E-Mobility to acquire its remaining 30.04% stake. Entering into a stock purchase agreement with Considered Rs 50.90 crore.
In January 2022, TII announced that it would inject initial capital of Rs 350 crore into its brand-new Clean Mobility subsidiary. This would involve a combination of equity, priority, and debt instruments.
Featuring replaceable batteries, the Cellestial electric tractor is said to have a lower total cost of ownership compared to current combustion engine tractors.
Commenting on the acquisition, TICMPL Chairman M.A.M Arunachalam said: “Thanks to the founders for their contributions.”
Celestial co-founders Siddhartha Durairajan and Syed Mubasheer Ali said: Cellestial is well positioned to realize its full potential, and TICMPL’s acquisition of his remaining stake in Cellestial will accelerate this.”
In December 2021, India’s TI Cycles (TII) announced that it would enter the electric vehicle market with its existing Montra brand in the segments of last-mile commuting, last-mile delivery, and personal mobility vehicles.
Founded in 1900, Chennai-based Murugappa Group has valued at Rs 5472.2 crore and is one of India’s leading business conglomerates with 29 companies. The group holds leading positions in several product lines, including abrasives, engineering ceramics, electronic minerals, automotive components and systems, power converters, and transformers.
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