TI Clean Mobility (TICMPL), a wholly-owned subsidiary of Tube Investments of lndia (TII) of Murugappa Group on Friday entered into a share purchase agreement for acquisition of the remaining 30% of equity shares held by the founders of Cellestial E-Mobility for an aggregate consideration of up to Rs 50.90 crore.
Post-acquisition, Cellestial will become a wholly-owned subsidiary of TICMPL. Hyderabad-based Cellestial is a startup entity engaged in design and manufacture of electric tractors, aviation ground support electric equipment and other electric machinery.
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MAM Arunachalam (known as Arun Murugappan), chairman of TICMPL, said, “the acquisition of the remaining stake in Cellestial will help TICMPL to consolidate its holding in the electric tractors business and maximise value to the company.”
As part of its EV push, TII, through its clean mobility subsidiary had acquired a controlling stake of about 70% in the equity share capital of Cellestial E-Mobility at an investment of Rs 161 crore, through a combination of primary and secondary purchase of shares in January last year.
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Siddhartha Durairajan, and Syed Mubasheer Ali, the co-founders of Cellestial said: “Cellestial is well-positioned to achieve its full potential and the acquisition of balance shareholding in Cellestial by TICMPL will accelerate the same.” TII had formed a subsidiary, TICMPL, to carry on the electric three-wheeler venture and other EV-related projects in January last year. The company then had said it will be infusing initial capital to the tune of Rs 350 crore into the new subsidiary for clean mobility, through a combination of equity, preference and debt instruments. TII had launched passenger e-three wheelers under brand name Montra in September 2022.