Tube Investments India subsidiary picks up balance 30.04% in Cellestial for Rs 50.90 crore

30 Jan, 2023

CHENNAI: TI Clean Mobility (TICM), a wholly owned subsidiary of Murugappa group company Tube Investments of India (TII), has executed a share purchase agreement with the founders of Cellestial E-Mobility to acquire the balance 30.04% stake in Cellestial for Rs 50.90 crore.

Cellestial is a startup company engaged in design and development of electric tractors. TICM currently holds 69.96% of Cellestial. The deal is in line with TICM’s growth plans in the electric vehicle industry.

Arun Murugappan, chairman, TICM, said, “The acquisition of the remaining stake in Cellestial will help TICM consolidate its holding in the electric tractors business and maximize value to the company.”

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 the company by TICM will accelerate the same.”

TICM had acquired nearly 70% of Bengaluru-based Cellestial a year ago for around Rs 161 crore.

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