TI Clean Mobility Private Limited (TICMPL), a wholly owned subsidiary of Tube lnvestments of lndia Limited (TII), is pursuing its vision in the 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 balance 30.04% stake in Cellestial for an aggregate consideration of Rs. 50.90 Cr., the statement said.
Cellestial is a start-up company engaged in design and development of electric tractors TICMPL currently holds 69.96% of Cellestial, a statement said.
Commenting on the acquisition, 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.”
Siddhartha Durairajan, and Syed Mubasheer Ali, the Co-founders of Cellestial mentioned that, “Cellestial is well-positioned to achieve its full potential and the acquisition of balance shareholding in Cellestial by TICMPL will accelerate the same. We wish TICMPL and Cellestial all the very best its endeavor to reach greater heights.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.