EFC (I) Limited has entered into a Share Purchase Agreement to acquire 100% equity stake in Ultrafresh Modular Solutions Limited ("Ultrafresh"), a 51% subsidiary of TTK Prestige Limited. The acquisition is subject to completion of conditions precedent to the agreement.
Acquisition Details
Target Entity: Ultrafresh Modular Solutions Limited
Business Description: Ultrafresh is an established player in India's modular home solutions segment, offering modular kitchens, wardrobes, and other customized modular furniture. The company follows an integrated approach encompassing design, manufacturing, supply and installation, with focus on quality, functionality, customization and contemporary design. It owns a manufacturing plant at Nalagarh, Himachal Pradesh.
Related Party Status: The acquisition does not qualify as a related party transaction. None of EFC's promoter/promoter group/group companies have any interest in Ultrafresh. The transaction has been conducted at arm's length.
Industry: Modular Furniture Solutions
Strategic Rationale: The acquisition is intended to strengthen and further scale EFC's existing furniture manufacturing and Design & Built solutions business. It is expected to create operational and business synergies, broaden product offerings, enhance manufacturing and distribution capabilities, and provide greater access to the organized modular home solutions market. The acquisition represents a strategic extension of EFC's furniture manufacturing and interior solutions vertical.
Approvals Required: The acquisition does not require specific governmental or regulatory approvals. However, since the consideration will be discharged through a share swap mechanism, the issuance of fresh equity shares by EFC requires approval from shareholders and applicable stock exchanges.
Completion Timeline: On or before October 31, 2026
Consideration Structure: The acquisition consideration will be discharged through a share swap mechanism. EFC will issue equity shares equivalent in value to the acquisition consideration payable under the Share Acquisition Agreement.
Shareholding Acquired: 100% equity stake
Financial Performance (Ultrafresh):
- FY 2025-26: ₹36.32 crore turnover
- FY 2024-25: ₹32.49 crore turnover
- FY 2023-24: ₹31.20 crore turnover
Corporate Background: Ultrafresh was incorporated on December 3, 1992, and operates exclusively in India.