To pick up 51% stake in Chandigarh-based Ultrafresh Modular Solutions, for Rs 30 crore
To pick up 51% stake in Chandigarh-based Ultrafresh Modular Solutions, for Rs 30 crore
TTK Prestige, a city-based kitchen appliances manufacturer, has announced its foray into the country’s Rs 9,500 crore modular kitchen market by entering into a strategic partnership with Chandigarh-based modular kitchen firm, Ultrafresh Modular Solutions.
The partnership would make TTK Prestige a player equipped to offer kitchen appliances as well as modular kitchen solutions all under one roof, the company officials said in a media conference here on Monday.
Under the partnership, TTK Prestige would acquire upto 51% stake, valued at Rs 30 crore, in Ultrafresh Modular Solutions by end of the current fiscal. “TTK has already acquired a strategic stake of over 40% in Ultrafresh, holding will go up to 51% by end of this fiscal and with that Ultrafresh will become a subsidiary of TTK Prestige,’‘ said Chandru Kalro, Managing Director, TTK Prestige.
Natural extension for brand
Commenting on the product diversification, TTK Prestige Chairman, T.T. Jagannathan said the company has always been thinking outside the box. “Entering into the modular kitchen space is a natural extension for TTK Prestige as a brand. The modular kitchen market is estimated to grow at a CAGR of 20% during 2021-2026 period and will reach a ₹23,000 crore market in the next five years,’‘ added Mr. Jagannathan.
Under the collaboration, Ultrafresh Modular Solutions has opened its first experience centre in Koramangala and this 2,700 sq.ft store displays multiple designs of kitchens.
“We have 120 studios across the country and we manufactured over 5,000 kitchens priced in the range of ₹1 lakh to ₹5 lakh. We see a huge market for our solutions,’‘ said Dhruv Trigunayat, CEO, Ultrafresh Modular Solutions.
