Published - 28 Jan 2023
Murugappa Group acquired the remaining 30.04% stake for Rs 50.90 crore. Before that, the company held a 69.96% stake in electric tractor start-up Cellestial E-Mobility.
Now, TI Cellestial E-Mobility, completely owned by the Murugappa Groups of India (TII), acquired the whole shareholding of Cellestial E-Mobility Pvt Ltd. A new business took part in developing and designing the eclectic tractor.
TII said in an interview that it would use initial investment into the new auxiliary for clean mobility to the tune of Rs 350 crore through a combination of value, inclination, and debt instruments.
Compared to current IC tractors, Cellestial's electric tractors, which have a swappable battery, are said to have a reduced total cost of ownership.
M.A.M Arunachalam, chairman of TICMPL, commenting on the acquisition, said, "The acquisition of the remaining stake in Cellestial will help TICMPL to consolidate its holding in the electric tractors business and maximise value to the company. We thank the founders for their contribution."
The Co-founders of Cellestial, Siddhartha Durairajan and Syed Mubasheer Ali, said: "Cellestial is well positioned to achieve its full potential and acquire the balance shareholding in Cellestial by TICMPL will accelerate the same."
TI Cycles of India (TII) announced its debut into the last-mile commuting, last-mile delivery, and personal mobility vehicle segments of the electric vehicle industry in December 2021 using its current Montra brand.
The Murugappa Group, with 29 companies and its headquarters in Chennai, is one of India's largest business giants. The Group is a market leader in several product categories, including transformers, technical ceramics, electro minerals, auto components and systems.
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