TI Clean Mobility Private Limited (TICMPL), a wholly owned subsidiary of Tube Investments of India Limited (TII), is pursuing its vision in clean mobility, particularly in the electric vehicles industry. TICMPL, in line with its growth plan in the electric vehicle industry, has executed today a share purchase agreement with the founders of Cellestial E-Mobility Private Limited (Cellestial) to acquire the remaining 30.04% stake in Cellestial for an aggregate consideration of Rs. 50.90 Cr. Cellestial is a start-up company engaged in the design and development of electric tractors. TICMPL currently holds 69.96% of Cellestial.
Commenting on the acquisition, Mr. M.A.M 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 maximize value to the company. We thank the founders for their contribution.”
Mr. Siddhartha Durairajan, and Mr. Syed Mubasheer Ali, the co-founders of Cellestial mentioned that “Cellestial is well-positioned to achieve its full potential and the acquisition of a balance shareholding in Cellestial by TICMPL will accelerate the same. We wish TICMPL and Cellestial all the very best in their endeavor to reach greater heights.”
About Murugappa Group
Founded in 1900, the INR 547 Billion (INR 54,722 Crores) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
