TTK Prestige on Thursday said it will buy 51 per cent equity shareholding of Ultrafresh Modular Solutions Ltd for a cash consideration of Rs 30 crore.
 
Incorporated in 1992, Ultrafresh entered the modular kitchen business in 2018 and had a turnover of Rs 12 crore in FY2020-21.
 
"TTK Prestige Limited as on date entered into an agreement for making a strategic investment in Ultrafresh Modular Solutions Ltd. Engaged in the business of Modular Kitchens and kitchen appliances having many franchisee outlets across India," the company said.
 
The transaction is expected to be complete before January 31, 2022.
 
According to the company, this is a strategic space relevant to the business of TTK Prestige, which is engaged in the business of Kitchen & Home Appliances.
 
Branded Modular Kitchen is gaining ground with a fast expanding home construction industry and the aspirations of consumers to upgrade their kitchens.
 
"Thus, this investment has significant synergies with that of the business of TTK Prestige. It is expected to serve the long-term vision and growth of TTK Prestige," it added.