TI Clean Mobility (TICMPL), a wholly-owned subsidiary of Tube Investments of India (TII), a subsidiary of Murugappa Group, signed a share purchase agreement on Friday to acquire the remaining 30% stake held by the founder of Cellestial E-Mobility with a total consideration of up to Rs 50.90 crore.

Following the acquisition, Cellestial will become a wholly-owned subsidiary of TICMPL. Hyderabad-based Cellestial is a start-up that designs and manufactures electric tractors, electrical equipment for aviation ground support and other electric machinery.

TICMPL chairman MAM Arunachalam, also known as Arun Murugappan, said, “The acquisition of the remaining stake in Cellestial will help TICMPL consolidate its holding in the electric tractor business and create maximum value for the company.”

As part of the EV push, through its Clean Mobility subsidiary, TII acquired around 70% stake in Cellestial E-Mobility for an investment of Rs 161 crore through a combination of primary and secondary purchases of shares in January last year.