Expect Rs 50cr turnover from World Kitchen JV in FY13: TTK

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Expect Rs 50cr turnover from World Kitchen JV in FY13: TTK

TTK Prestige has announced that it will market high-end tableware, glassware and store-ware range of products along with US-based cookware and cutlery company World Kitchen. TT Jagannathan, chairman of TTK Prestige says, he expects a turnover of Rs 50 crore from the JV in FY13.

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TTK Prestige has announced that it will market high-end tableware, glassware and store-ware range of products along with US-based cookware and cutlery company World Kitchen.

In an interview CNBC-TV18, TT Jagannathan, chairman of TTK Prestige says, he expects a turnover of Rs 50 crore from the JV in FY13. "It should grow very rapidly thereafter," he adds.

Below is the edited transcript of his interview with CNBC-TV18's Latha Venkatesh and Gautam Broker. Also watch the accompanying video.

Q: Can you take us through what exactly this JV is? You get to sell their products. Will there be a return sell as well which they would do of your products?

A: As of now, we have been looking to enter the tableware, tabletop ware and storage ware market for a while. We wanted to collaborate with the best technology in the world. We found a good match in World Kitchen who are leaders in this technology and in this space. They are number one brand in the US in terms of Corningware, Corelle, Pyrex, Visions and Snapware.

The agreement that we have signed is first we will distribute their products pan India. Then we will start making them in India for India. There is no reverse buyback in the agreement.

Q: What would this mean by way of money?

A: We expect the first year turnover should be atleast Rs 50 crore, that is for FY13. It should grow very rapidly thereafter.

Q: Would you contemplate expanding this relationship?

A: Yes, all relationships will expand over a period of time.

Q: No, in the sense of even exporting your products through them.

A: We haven't talked about it, but it's possible, yes.

Q: There is talk of you signing up contract with Wal-Mart for sell of your kitchenware, is that true?

A: That is not true, no. We are in talks with Wal-Mart. We have been talking with Wal-Mart for last three years. There is no order on the anvil.