With the latest 30% stake acquisition, TII has now fully acquired Cellestial
In January last year, Tube Investments of India (TII) acquired a 70% stake in Cellestial for INR 161 Cr via a mix of primary and secondary share purchases
In March 2020, the EV startup launched its first electric tractor, claiming to cover a distance of 75 km on a single charge
Tube Investments of India’s (TII) arm TI Clean Mobility (TICMPL) has acquired the remaining 30% stake held by founders of electric tractor manufacturer Cellestial E-Mobility for INR 50.90 Cr.
In January last year, TII acquired a 70% stake in Cellestial for INR 161 Cr via a mix of primary and secondary purchases of shares.
With the latest 30% stake acquisition, TII has now fully acquired Cellestial. Reportedly, post this deal, the EV startup will become a wholly-owned subsidiary of TICMPL.
Founded in 2019 by Siddhartha Durairajan and Syed Mubasheer, the Hyderabad-based startup designs and manufactures three models of electric tractors–27HP, 35HP and 55HP tractor–for agricultural, horticulture, aviation and logistics industries.
“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 endeavor to reach greater heights,” said Siddhartha Durairajan.
As per TII, Cellestial’s electric tractors offer swappable batteries and power inversion. These tractors can be charged domestically from residential AC outlets and also offer fast charging options.
In March 2020, the EV startup launched its first electric tractor, claiming to cover a distance of 75 km on a single charge.
“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,” said M.A.M Arunachalam, chairman of TICMPL.
In India, it competes with the likes of Sonalika and HAV Tractors.
As per a report, the country’s electric vehicle market was valued at $1,434 Bn in 2021. The industry is set to become a $15,397 Bn market by 2027, growing at a CAGR of 47.09% by the forecast period.
In the past two years, EV space has become a burgeoning industry catching the attention of investors, state and central governments.
Earlier today, IndiaTech, a body representing aggregators such as Ola, Zepto and Zomato approached the Delhi government sharing issues in its draft Delhi Motor Vehicle Aggregator Scheme.
IndiaTech, in its submission, told the state government that provisions in the above draft can impact 11 Mn gig workers in the Delhi NCR region.
Recently, automotive player Honda Motorcycle and Scooter India (HMSI) also shared plans of launching EV models by March 2024. It further stated that it would set up charging stations and use its existing sales infra to manage its new EV business.
