M&A

M&A

TI Clean Mobility to acquire residual 30% stake in electric tractor-maker Cellestial for Rs.51-Cr

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TI Clean Mobility Pvt Ltd (TICMPL), a wholly-owned arm of Murugappa Group firm Tube Investments of India Ltd, will acquire an additional 30.04 % stake in Hyderabad-based Cellestial E-Mobility Pvt Ltd for INR 50.90 crore. It currently holds 69.96 % in Cellestial. Post-acquisition, Cellestial will become a wholly-owned subsidiary of TICMPL. Co-founded by Siddhartha Durairajan and Syed Mubasheer Ali, Cellestial is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment and other electric machinery.