 "M&A, mergers & acquisitions, merger, partnerships, Joint venture, JV")
Marking its aggressive foray into e-mobility space, Murugappa group company Tube Investments of India (TII) has decided to come up with a 100 per cent subsidiary to focus on clean mobility and is planning to infuse around Rs 350 crore into the newly-formed arm through a combination of equity, preference and debt instruments.
The new subsidiary will also acquire a 70 per cent stake in Cellestial E-Mobility, a Hyderabad-based start-up engaged in the design and manufacture of E-tractors. The Cellestial stakes are valued at around Rs 161 crore and will be acquired through a combination of primary and secondary purchases
