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EFC (I) Limited, a listed Real Estate as a Service company, has entered into a Share Acquisition Agreement to acquire 100 per cent equity shareholding in Ultrafresh Modular Solutions Limited, a 51 per cent subsidiary of TTK Prestige Limited, subject to fulfilment of conditions precedent. Ultrafresh, which has a 25-year presence in India's modular solutions segment, manufactures modular kitchens, wardrobes and customised furniture through an integrated design, manufacturing, supply and installation model, operating out of a facility in Nalagarh, Himachal Pradesh. The acquisition is intended to strengthen EFC's furniture manufacturing and Design & Build businesses with an established North India production base.
EFC (I) Limited, a listed Real Estate as a Service (REaaS) company operating across managed office spaces, Design & Build turnkey solutions and furniture manufacturing, announced on Thursday that it has entered into a Share Acquisition Agreement to acquire 100 per cent of the equity shareholding in Ultrafresh Modular Solutions Limited, subject to the fulfilment of conditions precedent and other terms stipulated under the agreement.
The company informed stock exchanges of the development in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, through a filing to the BSE and the National Stock Exchange.
Ultrafresh Modular Solutions Limited is currently a 51 per cent subsidiary of TTK Prestige Limited and has a 25-year presence in India's modular solutions segment. The company offers modular kitchens, wardrobes and other customised modular furniture solutions through an integrated model spanning design, manufacturing, supply and installation, with a stated focus on quality, functionality, customisation and contemporary design. Ultrafresh owns a fully operational manufacturing facility at Nalagarh in Himachal Pradesh, along with a dedicated design and execution team.
EFC described the acquisition as a strategic and inorganic expansion of its furniture manufacturing and Design & Build businesses, saying it would strengthen the company's manufacturing capabilities by adding Ultrafresh's established production facility for modular furniture in North India. The company said Ultrafresh's modular kitchens, wardrobes and customised interior solutions were complementary to its existing product and service offerings, positioning the acquisition as a natural extension of its current business lines.
According to EFC, the combination is expected to bring together its manufacturing, supply-chain and Design & Build capabilities with Ultrafresh's design and execution team and its Himachal Pradesh manufacturing base, providing the company with a strategic regional footprint in North India and strengthening its overall manufacturing and distribution capabilities. The company said the deal was expected to generate synergies across design, manufacturing, supply, installation and customer reach, while expanding its product portfolio and strengthening its position in the organised modular solutions market.
Umesh Sahay, Chairman and Managing Director of EFC (I) Limited, said the acquisition of Ultrafresh marked an important step in the expansion of the company's Real Estate as a Service platform, strengthening its established furniture manufacturing and Design & Build businesses while adding a modular solutions platform to its portfolio. He said Ultrafresh's design capabilities and manufacturing presence in North India complemented EFC's existing capabilities and provided a foundation to expand its furniture and interior solutions business across markets.
EFC (I) Limited was founded in 2014 by first-generation entrepreneur Umesh Sahay and is headquartered in Pune, with shares listed on both the NSE and BSE. The company currently operates 150 centres with more than 84,000 seats across 25 cities, serving over 780 Indian and global corporate clients. Its Design & Build vertical offers end-to-end interior solutions supported by more than 85 designers and engineers, with over 52 clients and 5.91 million square feet of designed space delivered to date. Its furniture manufacturing vertical operates out of a three-acre facility in Pune.
The press release did not disclose the financial terms or transaction value of the proposed acquisition, nor did it specify a timeline for completion of the conditions precedent under the Share Acquisition Agreement.
Source: BSE
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