By: ICN Bureau
Last updated : January 29, 2023 11:50 am
The cost of acquisition is up to Rs. 50.90 crore towards purchase of 60,860 equity shares from the founders of Cellestial E-mobility Private Limited
Tl Clean Mobility Private Limited (TICMPL), a wholly-owned subsidiary of Tube lnvestments of lndia Limited (Tll) has entered into share purchase agreement for acquisition of remaining 30.04% equity shares held by the founders of Cellestial E-Mobility Private Limited for an aggregate consideration of up to Rs. 50.90 crore.
Cellestial E-Mobility Private Limited is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment and other electric machinery. The issued and paid up capital of the company is Rs. 20.25 lakhs. Revenue as on 31st December 2022 is Rs. 65.58 lakhs.
The proposed investment is part of the TICMPL's plan to consolidate its holding in the electric tractors business. The cost of acquisition is up to Rs. 50.90 crore towards purchase of 60,860 equity shares from the founders of Cellestial E-mobility Private Limited.