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Business EconomyPosted at: Jun 27 2022 4:26PM


TTK Prestige hopes to hold 51 per cent equity in Ultrafresh by this FY end

Bengaluru, June 27 (UNI) Kitchen and home appliances manufacturer TTK Prestige's Chairman TT Jagannathan on Monday said the company hopes to complete the investment to hold 51 per cent of equity of Ultrafresh by the end of this financial year.
TTK Prestige had acquired a strategic stake of over 40 per cent in the equity of Ultrafresh to forge a business collaboration between the two companies, he told reporters here.
The initiative ties-in with TTK Prestige’s overall goal of becoming a total kitchen solutions brand, he added.
Jagannathan said the business is well on its way to achieving double-digit growth, having made in-roads through innovative products in multiple categories such as cookers, cookware, gas stoves and appliances.
"We cannot furnish specific figures on the company's growth because of many factors including inflation. If the inflation remains at the current levels of between 7 to 8 per cent, our growth will be approximately 12 per cent," he explained.
As a leader in the kitchen appliances space, making an entry into the Rs 9,500 crores modular kitchen industry is a natural extension for TTK Prestige as a brand, Jagannathan said.
"This is a significant move, as it makes TTK Prestige a unique player equipped to offer kitchen appliances and modular kitchens all under one roof," he said.
It is estimated that the Indian modular kitchen market will grow at a CAGR of 20 per cent during 2001-2026 and will hit Rs 23,000 crores in the next 5 years, Jagannathan said. Out of the Rs 23,000 crore market potential, the share of TTK Prestige would be Rs 300 crore, he added.
As part of the business collaboration, Ultrafresh Modular Solutions has opened their first experience centre in Koramangala, Jagannathan said.
With multiple designs of kitchens on display at the 2700 sq feet store, customers can get a first-hand glimpse and choose from the vast array of modular kitchens to suit their unique requirements, he said.
Currently, the brand has 120 studios and manufactured 5,000 kitchens across the country, Jagannathan said.
TTK Prestige Managing Director Chandru Kalro said the company committed to taking Indian kitchens on a journey of transformation, through its total kitchen solutions offerings.
Over the past six decades TTK Prestige has emerged into India’s largest kitchen Appliances Company catering to the needs of home makers in the country.
Every Prestige product is built on the pillars of safety, innovation and trust, making the brand the
first choice in millions of homes. In April 2016, TTK Prestige launched ‘Prestige Clean Home’, a range
of innovative home cleaning solutions.
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