TI Clean Mobility To Consolidate Its Holding In Electric Tractors Business
TI Clean Mobility (TICMPL) is pursuing the vision of clean mobility, particularly in the electric vehicles industry. TICMPL has executed today a Share Purchase Agreement with the founders of Cellestial E-Mobility to acquire the balance 30.04 per cent stake in Cellestial for an aggregate consideration of Rs 50.90 crore.
Commenting on the acquisition, M.A.M Arunachalam (known as Arun Murugappan), Chairman of TICMPL said, “The acquisition of the remaining stake in Cellestial will help TICMPL to consolidate its holding in the electric tractors business and maximize value to the company. We thank the founders for their contribution.”
Siddhartha Durairajan, and Syed Mubasheer Ali, the Co-founders of Cellestial mentioned that, “Cellestial 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 best its endeavour to reach greater heights.”
Cellestial is a start-up company engaged in designing and developing electric tractors. TICMPL currently holds 69.96 per cent of Cellestial.
