TI Clean Mobility Private Limited (TICMPL), a wholly owned subsidiary of Tube Investments of India 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 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.

Cellestial is a start-up company engaged in 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: “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.”