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Bangalore, May 23: TTK Prestige Ltd, the Bangalore-based kitchen appliances company, would set up two new manufacturing facilities this year in Uttaranchal and Coimbatore with an investment of around Rs 25 crore.
The company, known for its pressure cookers, joins the horde of companies flocking to industrial townships in the hill states of Himachal Pradesh and Uttarachal due to the excise benefits and tax holidays offered by the Centre.
Talking to FE, TT Jagannathan, chairman, TTK Prestige Ltd said, "in order to tap the northern market, we are setting up Rs 15 crore unit in Uttaranchal thus also grabbing upon the tax benefits".
Both the new units are expected to commission operations later this year. Pressure cooker, non-stick cooking utensils and other cookwares would be manufactured in these factories. The company has existing facilities in Bangalore and Hosur.
With these two new factories, the company aims to enhance its production capacity manifold, he said. Currently the total production of the company is about two million per annum.
The company had earlier forayed into kitchen home appliances like gas stoves, hobs and automatic rice cookers while mixer grinders, kettles and microwaves, toasters would be added to the existing range in a month’s time. "After having emerged as a leader in the pressure cooker market, we are now tapping on the Rs 5,000-crore home appliances market", Mr Jagannathan said.
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