TTK Prestige, the Chennai-based kitchen appliances maker, announced on Thursday its foray into the home cleaning market, its first outside the traditional business it has been pursuing for over six decades. The market size is about Rs. 2,500 crore and it is growing in the range of 15 to 20 percent year-on-year, the company said in a statement in Bengaluru.
The products comprising electric mop, vacuum cleaner and steam cleaner were launched under "Prestige Clean Home."
"This is an opportune moment for us to accelerate the company footprint by entering into the home cleaning segment," T T Jagannathan, Chairman, TTK Group said in the statement.
The products will be sold through the company's 50,000 retail outlets, including the 571 Smart Kitchen stores across India.
Over a fortnight ago, TTK Prestige had announced acquiring 100 percent equity in Silampos UK Limited, which owns Horwood Homewares Limited, table and cookware suppliers in the U.K.
The acquisition was seen as enabling the company to gain access to European markets.
"Horwood brands will provide a strong footing for the rapid expansion of TTK's business in the European markets. We will combine the design, manufacturing and marketing capabilities of TTK prestige to expand and grow the Horwood business in the European markets," T T Jagannathan, executive chairman of TTK Prestige, had said in the statement.
TTK Prestige is part of the TTK Group, which has business interests in consumer durables, pharmaceuticals, medical devices and health insurance.
The TTK Prestige stock closed 0.93 percent down to Rs. 4,473.35 on the BSE on Thursday.
TTK Prestige reported revenues of Rs. 447.83 crore and net profit of Rs. 37.20 crore for the quarter ended December 2015.
Its rival Hawkins Cookers Ltd. posted revenues of Rs 147.22 crore and net profit of Rs. 6.61 crore for the December quarter.