Murugappa group’s subsidiary, Tube Investments of India (TII), has acquired all shares of Cellestial E-Mobility Pvt Ltd, a startup located in Hyderabad that specializes in creating and producing electric tractors, as part of TII’s expansion into the electric vehicle industry.
Tube Investments of India (TII) acquired the remaining 30.04% stake in Cellestial E-Mobility Pvt Ltd, a Hyderabad-based startup that designs and manufactures electric tractors, through its wholly-owned subsidiary TI Clean Mobility (TICMPL). TICMPL already held a 69.96% stake in Cellestial. The acquisition was made for a total cost of Rs 50.90 crore as part of TII’s plan to expand its presence in the electric vehicle market.
Tube Investments of India (TII) states that Cellestial E-Mobility Pvt Ltd, which the company has acquired, offers several advantages in the electric tractor space. These advantages include features such as a swappable battery, regenerative brakes, power inversion, charging from a residential AC outlet, fast charging, and lower total cost of ownership compared to traditional internal combustion engine tractors. Additionally, using these e-tractors will also result in lower carbon dioxide emissions, promote green farming, and contribute to a circular economy. Cellestial launched the first electric tractor in India in March 2020 and it can cover 75 km on a single charge.
The Chairman of TICMPL, M.A.M Arunachalam, has made a statement regarding the acquisition of the remaining stake in Cellestial. In his statement, he notes that the acquisition will be beneficial for TICMPL as it will help the company to consolidate its holding in the electric tractors business. By consolidating its holding, TICMPL will be able to maximize value for the company and continue to grow in this industry.
Furthermore, Mr. Arunachalam also expresses his gratitude towards the founders of Cellestial for their contribution. He acknowledges the hard work and dedication that the founders have put in to build the company and help it reach its current position. He believes that the acquisition will be a positive step for both TICMPL and Cellestial, as it will allow them to work together to achieve greater success in the future.
In conclusion, the acquisition of the remaining stake in Cellestial is a strategic move for TICMPL that will help the company to consolidate its holding in the electric tractors business and maximize value for the company. Mr. Arunachalam also expresses his appreciation for the founders of Cellestial for their