TI Clean Mobility to consolidate its holding in electric tractors business

TI Clean Mobility Private Limited (TICMPL), a wholly owned subsidiary of Tube Investments of India Limited (TII), is 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, has executed today a Share Purchase Agreement with the founders of Cellestial E-Mobility Private Limited (Cellestial) to acquire the balance 30.04% stake in Cellestial for an aggregate consideration of Rs. 50.90 Cr.

Cellestial is a start-up company engaged in design and development of electric tractors TICMPL currently holds 69.96% of Cellestial.

Commenting on the acquisition, Mr. M.A.M Arunachalam (known as Arun Murugappan), Chairman of TICMPL said, "The acquisition of the remaining sfake in Cellestial will help TICMPL to consblidate its holding in the electric tractors busrness and maximize value to the company. We thank the founders for their contribution."

Mr. Siddhartha Durairajan, and Mr. Syed Mubasheer Ali, the Co-founders of Cellestial mentioned that, "Cellesfial is well-positioned to achieve its full potential and the acquisition of balance shareholding in Cellestial by TICMPL will accelerate the same. We wish TICMPL and Cellestial all the very besf ds endeavor to reach greater heights."

Shares of Tube Investments of India Limited was last trading in BSE at Rs. 2662.85 as compared to the previous close of Rs. 2575.40. The total number of shares traded during the day was 12118 in over 2916 trades.

The stock hit an intraday high of Rs. 2683.90 and intraday low of 2534.70. The net turnover during the day was Rs. 31764201.00.

Source : Equity Bulls

Keywords

TubeInvestmentsofIndia INE974X01010 TICleanMobility Acquisition ElectricVehicles CellestialEMobility