Electric Vehicle (EV) player and Murugappa Group's TI Clean Mobility Private Ltd has agreed to buy the balance 30.04 per cent stake in Cellestial E-Mobility Private Ltd for Rs.50.94 crore.
Cellestial is a startup engaged in design and development of electric tractors. TI Clean Mobility holds 69.96 per cent in Cellestial.
The paid up capital of Cellestial is Rs 20.25 lakh, and it logged revenue of Rs 65.58 lakh as on December 31, 2022.
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"The acquisition of the remaining stake in Cellestial will help TICMPL (TI Clean Mobility) consolidate its holding in the electric tractors business and maximise value to the company. We thank the founders for their contributions," said M.A.M. Arunachalam, Chairman, TI Clean Mobility Private Ltd.
The acquisition is expected to be concluded within 30 days after the completion of necessary formalities, after which Cellestial will become a wholly-owned subsidiary of TI Clean Mobility.