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 appliance manufacturer, has announced to enter 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 will make TTK Prestige a player that is equipped to offer kitchen appliances as well as modular kitchen solutions all under one roof, company officials said at a media conference here on Monday.
Under the partnership, TTK Prestige will acquire 51% stake in Ultrafresh Modular Solutions, valued at Rs 30 crore, by the end of the current financial year. Chandru Kalro, Managing Director, TTK Prestige, said, “TTK has already acquired a strategic stake of over 40% in UltraFresh, the holding will increase to 51% by the end of this financial year and also UltraFresh will be a subsidiary of TTK Prestige. The company will be formed.” ,
Natural extension to the brand
Commenting on the product diversification, TT Jagannathan, President, TTK Prestige said that the company has always been thinking outside the box. “It is a natural extension for TTK Prestige as a brand to foray into the modular kitchen space. The modular kitchen market is projected to grow at a CAGR of 20% during the period 2021-2026 and will reach a market of ₹23,000 crore in the next five years,” said Mr. Jagannathan.
As part of the collaboration, UltraFresh Modular Solutions has opened its first experience center in Koramangala and this 2,700 sq ft store is showcasing a range of kitchen designs.
“We have 120 studios across the country and have built over 5,000 kitchens ranging in price from ₹1 lakh to ₹5 lakh. “We see a huge market for our solutions,” said Dhruv Trigunayat, CEO, Ultrafresh Modular Solutions.