New Delhi: TTK Prestige, a kitchen appliance company, has acquired stake of over 40 percent in the equity of Ultrafresh Modular Solutions, a company that provides modular kitchen solutions.
With this acquisition, the company is making an entry in the modular kitchen industry for Rs 9,500 crore. The Indian modular kitchen market is expected to grow at a CAGR of 20% during 2021-2026 and will reach Rs 23,000 crore in the next five years.
The company said the business is on track for double-digit growth, having entered multiple categories including kitchens, cookware, gas stoves and appliances.
As part of the business collaboration, Ultrafresh Modular Solutions has opened its first Experience Center in Koramangala, Bangalore. Currently, the brand owns 120 studios and manufactures 5,000 kitchens across the country.
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