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TI Clean Mobility Pvt Ltd is engaged in manufacturing and marketing of electric three wheelers and through its subsidiaries into electric tractors and electric heavy commercial vehicles.
The company, a wholly-owned arm of Murugappa Group firm Tube Investments of India Ltd, said it has signed a share purchase agreement with the founders of Cellestial for the acquisition.
The battery chemistries will slowly evolve away from rare earth materials to things that are freely available, he said.
The proposed acquisition is consistent with the objective of the company to broaden its product and business portfolio to reduce its dependence on existing revenue streams.
TI Clean Mobility is a wholly-owned subsidiary of Tube Investments of India, part of the city-based diversified conglomerate Murugappa Group
TI Clean Mobility will come out with three variants each in the passenger and cargo segments for electric three-wheelers
