Kitchen appliances maker TTK Prestige Ltd said on Friday it has agreed to acquire a majority stake in Australia’s Ecolife International Pty Ltd.
The company said in a stock-exchange filing that its British unit Horwood Homewares Ltd will own 51% of a new subsidiary that will house the Ecolife business.
The initial capital contribution by TTK Prestige will be around 1.25 million pounds (Rs 10.9 crore).
Ecolife operates under the brand EcoSoulLife. It develops eco-friendly and sustainable products that include biodegradable single-use disposables as well as reusables.
The products that the company has developed or is developing can completely replace plastic, melamine, glass, porcelain or clay tableware, TTK Prestige said.
“Given the current global order to swiftly move away from plastic, melamine, glass etc., the business has a significant potential globally,” the Indian company said.
Bengaluru-based TTK Prestige is no stranger to overseas acquisitions. In 2016, the company had acquired UK-based cookware firm Horwood Homewares Ltd to expand its global operations.
TTK Prestige is part of TTK Group, which was started in 1928 and also operates in sectors such as healthcare to insurance. The company counts private equity firm Nalanda Capital among its institutional investors. Nalanda owned a 3.49% stake in the company at the end of June, stock-exchange data show.