Tube Investments arm buys e-tractor startup Cellestial E-Mobility

Acquirer was already holding 69.96% of Cellestial. On Friday, it signed a deal to buy the balance 30.04% for Rs 50.90 cr

BS Reporter Chennai

Representative Image

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

Also Read

Triveni Engineering, Hercules Hoists soar up to 20% on heavy volumes

TII gears up for EV re-entry; to focus on e-tractors, 3-wheelers, heavy CVs

Tube Investments of India acquires 50% stake in X2Fuels and Energy

EVs need the spark of regulation in India to accelerate transition: Experts

On a bumpy ride: Demand for low-cost tractors hits margins in June quarter

Jio, Airtel up subscribers tally, Vi loses 1.82 mn users in Nov: Trai data

Bharti Airtel rolls out 5G services in seven cities of Jammu and Kashmir

Adani counters Hindenburg charges, says top firms are auditing 8 group cos

Maruti to use cow dung to produce biogas for sustainable mobility solutions

OYO estimates its revenue to be $751 million in 2022-23: Ritesh Agarwal

First Published: Jan 27 2023 | 9:26 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to