TTK Prestige collaborates with Ultrafresh Modular Solutions; stock jumps ~1%

27 Jun 2022 , 12:17 PM

TTK Prestige Limited, India’s leading kitchen appliance company, recently announced that it has taken major steps on strategic investment and business collaboration with Ultrafresh, a provider of end-to-end modular kitchen solutions.

TTK Prestige’s overall goal of becoming a total kitchen solutions brand is reflected in this initiative. TTK Prestige has taken a strategic stake of more than 40% in Ultrafresh’s equity in order to forge a business collaboration between TTK Prestige and Ultrafresh.

The company revealed at a press conference in Bengaluru that it is paving its way to achieving double-digit growth, having made inroads through innovative products in multiple categories such as cookers, cookware, gas stoves, and appliances.

As a market leader in kitchen appliances, TTK Prestige’s entry into the Rs9,500 crore modular kitchen industry is a natural extension of the brand. This is a significant move because it distinguishes TTK Prestige as the only company that offers kitchen appliances and modular kitchens under one roof. The Indian modular kitchen market is expected to grow at a CAGR of 20% between 2021 and 2026, reaching Rs23,000 crore in the next five years.

Ultrafresh Modular Solutions has opened its first experience centre in Koramangala, Bengaluru, as part of their business collaboration. Customers can get a first-hand look at the various kitchen designs on display at the 2700-square-foot store and choose from a wide range of modular kitchens to meet their specific needs. In India, Ultrafresh pioneered steel kitchens and screwless cabinets.

The brand currently has 120 studios and has produced over 5000 steel and wooden kitchens across the country.

TTK Prestige was trading at Rs819.35 up by Rs7.3 or 0.9% from its previous closing of Rs812.05 on the BSE. The scrip opened at Rs818.25 and has touched intraday high and low of Rs834.50 and Rs813 respectively.