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Tube Investments to buy electric tractor maker Cellestial for Rs 161 cr
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SME Times News Bureau | 24 Jan, 2022
Diversified products company Tube Investments of India
Ltd, a part of the Rs 417 billion Murugappa group, has agreed to acquire
electric tractor maker Cellestial E-Mobility Private Ltd for Rs 161
crore.
According to Tube Investments, in an all-cash transaction,
the company will pay Rs 161 crore for the acquisition of 70 per cent
stake in Cellestial with each Rs 10 share of the latter valued at Rs
11,356.
Cellestial is a startup entity engaged in design and
manufacture of electric tractors, aviation ground support electric
equipment and other electric machinery.
The company has already designed and developed two tractor prototypes for production.
With
this, Tube Investments, which had earlier said it would venture in the
three-wheeler electric vehicle segment, has now added electric tractors
to its portfolio.
The company is now proposing to form a
wholly-owned subsidiary to consolidate the electric three-wheeler
venture and other electric vehicle related ventures.
The company
will infuse initial capital to the extent of Rs 350 crore into the new
subsidiary for clean mobility through a combination of equity,
preference and debt instruments.
"The formation of a separate
subsidiary and acquisition of a controlling stake in Cellestial will
enable the company to bring required focus to the emerging growth
opportunities in electric vehicles. These new EV products along with the
existing product portfolio of bicycles and e-bicycles will further
strengthen the company's efforts towards climate change and
sustainability," said M.A.M. Arunachalam, Chairman, Tube Investments,
popularly known as Arun Murugappan.
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