Companies

TTK Prestige in pact with World Kitchen of U.S.

TTK Prestige Ltd., engaged in making and marketing pressure cookers and kitchen appliances, has announced that it has tied up with the U.S.-based World Kitchen for a business relationship that could expand over a period of time.

In a filing to the Bombay Stock Exchange, TTK Prestige said the company had concluded “business relationship arrangements with World Kitchen”.

Following this tie-up, TTK Prestige will be able to beef up its presence in high-end tableware, glassware and store-ware range of products. The products will be marketed and distributed on the strength of the brands of both the parties, says TTK. The international brands that will be dealt with in India consist of Corelle, Corningware, Vision, Pyrex and Snapware.

“The relationship consists of providing a platform of pan-India distribution to start with and eventually getting into manufacture / finishing of select products in India. The products are expected to be launched during the first quarter of financial year 2012-13,” says a company release.

In 2009, TTK Prestige deferred its proposal to go in for voluntary delisting of its shares from the BSE and the National Stock Exchange. Changed economic conditions prompted the promoters to put on hold the delisting plan.

At that time, the plants at Hosur, Coimbatore and Uttaranchal were working at full capacity. However, the company faced difficulty in getting its full credit limit from the banks. This had prompted promoters to conserve funds by putting on hold the share buy back plan.

The delisting was planned to provide liquidity and an exit route to the public shareholders. It was also to help the promoters — T. T. Krishnamachari & Co — to re-organise and restructure the company. For long, they have been maintaining a sizable stake of 72.3 per cent. TTK has shifted its registered office from Karnataka (Bangalore) to Tamil Nadu. It also took up joint development of its factory premise near Bangalore.

Currently, Hawkins, a competitor to TTK, is listed on the exchanges. There are some strong regional players in the field such as Chennai- based Premier. Last year, Philips picked up majority stake in Preethi appliances.


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Printable version | Jan 19, 2022 11:23:21 AM | https://www.thehindu.com/business/companies/ttk-prestige-in-pact-with-world-kitchen-of-us/article2893500.ece

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