The company’s initiative is its wider plan to further enhance electric tractor business
Chennai, NFAPost: TI Clean Mobility Private Limited (TICMPL), a wholly owned subsidiary of Tube Investments of India Limited (TII), executed a Share Purchase Agreement with the founders of Cellestial E-Mobility Private Limited (Cellestial).
The initiative is part of TII wider gameplan for 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, acquired the balance 30.04% stake in Cellestial for an aggregate consideration of Rs. 50.90 crore.
Cellestial is a startup company engaged in design and development of electric tractors. TICMPL currently holds 69.96% of Cellestial.
Commenting on the acquisition, TICMPL Chairman M A M Arunachalam (known as Arun Murugappan) said the acquisition of the remaining stake in Cellestial will help TICMPL to consolidate its holding in the electric tractors business.
“The decision will further maximize value to the company. We thank the founders for their contribution,” said TICMPL Chairman M A M Arunachalam.
Expressing happiness over the development, Cellestial Cofounders Siddhartha Durairajan Syed Mubasheer Ali mentioned that Cellestial is well-positioned to achieve its full potential.
“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,” said Cellestial Cofounders Siddhartha Durairajan Syed Mubasheer Ali.
About Murugappa Group
Founded in 1900, the INR 547 Billion (Rs 54,722 Crores) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd.
The Group holds leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Power Conversion Equipment, Transformers & Reactors for the Power T&D segment, Solutions for Railways in Rolling Stock & Signalling Equipment, Bicycles, Fertilisers, Sugar, Tea and Spirulina (Nutraceuticals).
The Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Rhodius, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 59,000 employees.
