TTK Prestige’s subsidiary -- Horwood Homewares UK (HHL) has entered into firm agreements to end the Joint Ventures (JV) - Horwood Life with Ecosoul life by divesting its 51% stake in the JV. This decision has been taken by HHL in the light of long-term uncertainty over supply-chain constraints. While there will be onetime impairment to the extent of British pound sterling 869,000 in the books of HHL on account of this exit, HHL will be saving significant recurring overheads from second half of FY 21 thus improving its operating profits. HHL, on its own, is already in the process of building alternate supply chains (including India sourcing) for part of the products that were originally proposed to be sourced from the JV.
TTK Prestige is part of TTK Group. Over the past six decades TTK Prestige, has emerged as India's largest kitchen appliances company catering to the needs of home makers in the country.
