As part of its expansion into the e-mobility space, Murugappa group company Tube Investments of India (TII) has acquired the entire shareholding of Cellestial E-Mobility Pvt Ltd, a Hyderabad-based startup engaged in the design and manufacture of electric tractors.
This was done through TI Clean Mobility (TICMPL), a wholly-owned subsidiary of Tube Investments. TICMPL was already holding 69.96 per cent of Cellestial. On Friday, the company, in line with its growth plan in the electric vehicle space, executed a share purchase agreement with the founders of Cellestial to acquire the balance 30.04 per cent stake in Cellestial for an aggregate consideration of Rs 50.90 crore.
According to TII, the maker of iconic bicycle brands such as BSA and Hercules, Cellestial offers several advantages like a swappable battery, regenerative brakes, power inversion, charging from residential AC outlet, fast charging and lower total cost of ownership compared to IC
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