Legal Advisor for Cellestial and Promoters: Agama Law Associates (“ALA”)
ALA's Client: Cellestial E-Mobility Limited
Cellestial E-Mobility Private Limited (“Cellestial”), a Hyderabad based company, engaged in the business of designing and manufacturing electric battery powered vehicles such as tractors, agriculture electric machinery and aviation ground support electric equipments divests its 70% stake to Tube Investments of India Limited ("TII"), listed group company of Murugappa Group.
Cellestial was established by Mr. Siddhartha Durairajan and Mr. Syed Mubhaseer Ali in 2019 specialising in engineering and manufacturing design. Cellestial carves out smart solutions in automotive industry, through designing and manufacturing electric vehicles, aviation ground support equipment and other electric machinery. Their collective design and manufacturing experience in the fields of electrical and automobiles, has given them the leverage to incorporate artificial intelligence and machine learning into their products.
By this acquisition TII seeks to strengthen its business and foray deeper into the clean mobility space. Further, the proposed investment is in line with the TII's intent to broad base its product and business portfolio. Post-acquisition, TII will onboard the founders of Cellestial who will work towards accelerating TII's efforts towards manufacturing of technology driven electric vehicles such as tractors and agriculture electric machinery.
The deal was announced by the companies on 24th
January 2022.
Legal Advisor's
Role: The ALA team, led by Partners Ms.
Archana Balasubramanian and Mr. Nitin Jain with Ms. Sanjana Buch,
Ms. Vaishnavi Vyas and Ms. Avantika Singh who acted as legal
counsel for Cellestial. The team provided strategic advisory to
Cellestial and its founders on various legal and structural aspects
for the transaction and extended support in negotiating and
finalising the entire deal documentation.
News Reports:
- https://economictimes.indiatimes.com/tech/startups/tube-investments-to-acquire-70-stake-in-cellestial-e-mobility/articleshow/89093012.cms
- https://www.financialexpress.com/auto/electric-vehicles/tube-investments-to-set-up-new-ev-arm-infuse-rs-350-cr-initial-capital/2415154/
- https://www.moneycontrol.com/news/business/tube-investments-to-acquire-70-stake-in-cellestial-e-mobility-7976441.html
- https://www.livemint.com/auto-news/tube-investments-to-acquire-70-stake-in-this-ev-startup-11643018643297.html
- https://hrnxt.com/news/investment/acquisition/tube-investments-of-india-acquires-controlling-stake-in-ev-startup-cellestial/46565/2022/01/24/
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