TTK Prestige aims for overseas acquisition

TTK Prestige is eyeing its first overseas acquisition in Europe as part of its strategy to take the brand into international market, according to a top company official.

The company was looking to acquire only a "cookware" brand in Europe and currently the cookware industry there was valued at Euro 2 billion, informed  TTK Prestige Chairman T T Jagannathan  to reporters.

"We are looking (for acquisition).. the size of the deal will be around Rs 400 crore. Reason why we are looking is brands sold there are cheap and second European cookware brands are accepted worldwide...," he said.

Talking about the company's future plans, after formally inaugurating its 500th store here, he said, the company would penetrate deep into Tier three and four cities in the domestic market by expanding its stores.

"By penetrating deep into tier three and four cities, we are looking at opening 1,000 stores in next three years", he said.