Murugappa group company TI Clean Mobility Pvt. Ltd. (TICMPL) on Monday executed a share purchase agreement with the founders of Cellestial E-Mobility Pvt. Ltd. (Cellestial) to acquire the balance 30.04% stake for a cash consideration of ₹50.90 crore.
Tube lnvestments of lndia Ltd (Tll) said in a regulatory filing that its wholly owned subsidiary TICMPL was pursuing its vision of consolidating its holding in the clean mobility space, particularly in the electric vehicles industry.
Hyderabad-based Cellestial is a start-up engaged in design and development of electric tractors, aviation ground support electric equipment and other electric machinery. In January 2022, TII purchased 70% stake in Cellestial for ₹161 crore.
With the acquisition of the balance equity shares of 60,860, Cellestial will become a wholly owned subsidiary of TICMPL. The deal is expected to be completed within 30 days of completion of necessary formalities.
“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,” said M.A.M. Arunachalam, chairman, TICMPL.