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Tube Investments to buy 70% stake in e-tractor startup Cellestial for Rs.161-Cr

BSE Disclosure   Business Line  

Chennai-based, publicly listed Tubes Investments of India Ltd (TII), a Murugappa Group firm, will acquire a 70% stake in Hyderabad-based Cellestial E-Mobility Pvt Ltd, a startup engaged in the design and manufacture of electric tractors, for INR 161 crore in cash. TII will buy 141,677 equity shares of Cellestial at INR 11,356 per share (face value of INR 10 per share) through a combination of primary and secondary purchases. The acquisition is expected to be completed before March 15, 2022. TII will infuse INR 350 crore into the new subsidiary for clean mobility through a combination of equity, preference and debt instruments. Cellestial designs and manufactures e-tractors. The electric tractors developed by Cellestial with swappable battery options aim to offer a lower total cost of ownership compared to current IC tractors.

From the Venture Intelligence Angel Investments Database: Between Jul-19 and May-21, Cellestial E-Mobility raised angel funding from Meka Sudhakar Reddy, and others.