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Notably, in January 2022, TII acquired a 70% stake in Cellestial in a mix of primary and secondary purchases of shares. Later this year in January, TII acquired the remaining 30% stake held by founders of electric tractor manufacturer Cellestial E-Mobility.
The acquisition of Cellestial E-Mobility has enabled TII to design and build e-tractors from a ground-up architecture. Hyderabad based Cellestial E-mobility, the maker of the first electric tractor in India, had unveiled its first E-Tractor in March 2020, with performance metrics that match 4X of the equivalent Diesel-Powered tractor.
TII, which has already launched an electric passenger autorickshaw ‘Montra’ across the south of India, is now betting big on e-tractors citing the cost economics which is the same for both electric three-wheelers and electric tractors.
With over 27 tractor brands, India is the world's largest producer and market for tractors, with 16 domestic and 4 multinational corporations manufacturing tractors.
Tractors in India are majorly powered by diesel engines which are an increasing source of carbon emissions and criteria pollutants.
Electric tractors can play an essential role towards green farming, benefitting both the farmer and the environment.
To recall, in November last year, TII also acquired a 50% stake in X2Fuels & Energy, a startup company engaged in developing processes to convert waste into fuels, for 61.5 million Indian rupees ($752,815).
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