TTK Prestige Ltd, the Kitchen appliances manufacturer, has lately proclaimed to acquire a major share in the Australian company, Ecolife International Pty Ltd, according to a media report.
British unit Horwood Homewares Ltd will own 51 per cent of a new subsidiary that will house the Ecolife business, VC Circle reported citing TTK Prestiges statement to the stock exchange.
The primary capital contribution by kitchen appliance manufacturer will be nearly INR 10.9 crore.
Australian company, Ecolife manufactures the product EcoSoulLife. The company creates sustainable, as well as eco-friendly products, which incorporate reusable products and biodegradable single-use products.
Given the current global order to swiftly move away from plastic, melamine, glass, etc., the business has a significant potential globally, TTK Prestige Ltd. told the daily news.
It is the first time when Indian kitchen appliance maker is dealing with the overseas acquisition. In 2016, the firm had bought British cookware company, Horwood Homewares Ltd. to increase its global operations, according to the cited media report.
TK Prestige is a subset of TTK Group, which was incorporated in 1928 and works in numerous sectors, ranging from healthcare to insurance. It proclaims PE firm, Nalanda Capital amid its institutional investment company. In June, Nalanda holds a 3.49 per cent share in the firm, according to stock exchange data.