Tube Investments of India Ltd (TII), part of the 121-year-old Murugappa Group is acquiring a big stake in start-up Cellestial E-Mobility Pvt Ltd. Tube Investments of India has been scouting unexplored growth opportunities within clean mobility. In line with this approach, the company has recently ventured on an electric 3-wheeler initiative. It is now proposing to start a new 100% subsidiary to focus on clean mobility. This new subsidiary will consolidate the electric 3W venture and other electric vehicle-related ventures.
The company will infuse initial capital to the extent of ₹ 350 crores into the new subsidiary for clean mobility through a combination of equity, preference, and debt instruments. Through its clean mobility subsidiary, Tube investments is acquiring a controlling stake of about 70% in the equity share capital of Cellestial E-Mobility with an investment of ₹ 161 crore, through a combination of primary and secondary purchase of shares, as per PTI.
Cellestial is a start-up engaged inter alia in the design and manufacture of e-tractors. The electric tractors developed by Cellestial offer several benefits like a swappable battery and a lower total cost of ownership compared to current IC tractors. Besides, these e-tractors will also result in lower CO2 emissions, foster green farming, and will take efforts towards achieving a circular economy.
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muruga
31-01-2022test