TTK PRESTIGE LTD.
Introduction to company:-
a) History of company
TTK Prestige Ltd., a TTK Group company was incorporated in Oct 1955 at Madras, as TT Pvt Ltd. It became a deemed public company in Jun.'88. Its name was changed to the present one in Jun.'94. It established facilities at Bangalore to manufacture a wide range of domestic and industrial appliances and commenced the manufacture of pressure cookers in 1959 with technical support from Prestige Group, UK. In 1992, the company expanded its operations by setting up it's second plant at Hosur, Tamilnadu, With state-of-the-art facilities, the company successfully launched its product under the Manttra brand name in the US market, thus becoming one of the first organised Indian corporate entities to sell pressure cookers in the US under Indian-owned brand names. TTK Prestige raised Rs 33.5 cr in Sep.'94 through a public issue at a premium of Rs 80, to modernise its manufacturing facilities at Bangalore and Hosur; to part-finance the capital expenditure requirement for completion of the non-stick cookware project; to establish a full-fledged corporate outfit -- TTK Manttra, in the US to support the marketing of Manttra brand pressure cookers and to meet the long-term working capital requirements of the company. The company entered into a tie-up with the world-renowned Braun, Germany, for marketing its products in India. In 1999-2000, the company has successfully launched Omega range of non-stick cookware and model pressure cooker Nugen. The company is having subsidiary Mantra Inc. In 2000-01 the company initiated necessary steps to launch Domestic Electrical Appliances. Accordingly the company acquired 26% strategic equity stake in Softel Machines Ltd, which will be a dedicated design, development and manufacturing arm of the company and facilitate its foray into the Electrical Appliances business. On June 2001, it launched four products in this range.
b) Business of company.
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