TTK Prestige to increase stake up to 51% in Chandigarh-based Ultrafresh Modular SolutionsTTKPRESTIG - 772 Change: -13.85 (-1.76 %)
News: TTK Prestige has announced its foray into India’s Rs 9,500 crore modular kitchen market by entering into a strategic partnership with Chandigarh-based modular kitchen firm, Ultrafresh Modular Solutions.
Views: TTK had already acquired a stake of over 40% in Ultrafresh and is planning to increase its holding to 51% by end of FY23, which would make Ultrafresh a subsidiary of TTK Prestige. TTK will invest Rs 30 crore for acquiring the 51% stake. The modular kitchen market is estimated to grow at a CAGR of 20% during 2021-26 and will have an estimated market size of Rs 23,000 crore. The partnership with Ultrafresh would make TTK Prestige a player equipped to offer kitchen appliances as well as modular kitchen solutions all under one roof and have a presence in the fast growing modular kitchen market.