TI Clean Mobility Acquires Electric Tractors Start-Up ‘Cellestial E-Mobility’

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Tube Investments of India Limited (TII) through its wholly-owned subsidiary, TI Clean Mobility Private Limited (TICMPL), is pursuing its vision for clean mobility, especially in the electric vehicle industry.

TICMPL has executed a Share Purchase Agreement with Cellestial E-Mobility Private Limited to acquire 30.04% of Cellestial’s remaining stake for an aggregate of Rs. 50.90 Cr. Cellestial is an innovative start-up that designs and develops electric tractors. Cellestial is currently owned by TICMPL at 69.96%.

M.A.M Arunachalam, also known as Arun Murugappan, Chairman of TICMPL commented on the acquisition. He stated that “The acquisition of Cellestial will allow TICMPL to consolidate its holdings in the electric tractors industry and maximize the value of the company. We are grateful to the founders for their contributions.”

Cellestial’s Co-founders, Siddhartha Durairajan and Syed Mubasheer Ali mentioned that Cellestial is well-positioned to realize its full potential. The acquisition of Cellestial’s balance shareholding by TICMPL will help accelerate this process. We wish TICMPL, Cellestial, and all its efforts to achieve greater heights.

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