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

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.