Aatmanirbar Bharat | TTK Prestige to stop sourcing equipment from China: Report
Jagannathan added that the company wanted to follow the government's push for self-reliance, or the the "Aatmanirbar Bharat" initiative.
June 29, 2020 / 12:08 PM IST
Kitchen appliances maker TTK Prestige said it wouuld stop importing material from China. This decision comes amid border tensions along the Line of Actual Control (LAC).
"We have decided not to source anything from China after our current orders are executed," TT Jagannathan, Chairman of TTK Prestige said, as quoted by The Times of India.
He added that the company would locally manufacture items originally sourced from China or turn to other markets such as Vietnam or Turkey.
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Five years ago, TTK Prestige was importing a third of its parts or appliances from China, the report said. Currently, it sources 10 percent of its requirements from China.
"We stopped rice cookers and then some appliances. We now import some like vacuum cleaners for which there is no big domestic demand or volumes to justify local production,"Jagannathan said, as quoted by the publication.
On June 15-16 night, there was a clash between Indian and Chinese soldiers in Ladakh's Galwan Valley area, which killed 20 Indian soldiers.
Jagannathan added that the company wanted to follow the government's push for self-reliance, or the "Aatmanirbar Bharat" initiative.
A note presented at the company's board of directors meeting said: "Your company has over the last few years been actively pursuing 'MakeInIndia' policy for appliances portfolio by fortifying local vendors thus reducing the dependence on imports from China to just 10 percent of total sales and even for these SKUs local vendors are being developed to be completely 'self-reliant' in short time."
Prime Minister Narendra Modi, in his address to the nation on May 12, announced a push for locally-manufactured products.Read our complete coverage on the India-China border tension.