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Stove Kraft Ltd. has forayed into new adjacent businesses of branded modular kitchens and electric switches and accessories through acquisition of Metsmith Innovations Pvt. Ltd. and Skava Electric Pvt. Ltd. These businesses will complement the company’s existing business and core competencies like manufacturing, distribution and brand equity.
Stove Kraft can derive significant synergy benefits with an already existing distribution network in place with 24,000 touch points across 12 states for its Pigeon LED and pan‐ India distribution network for kitchen appliances.
Branded modular kitchen market is estimated to be around Rs 120 billion and expected to grow at 20% compound annual growth rate, while that of electrical products is Rs 150 billion.
The company is targeting ~3% market share in electrical products in next three‐four years and is targeting revenue of Rs 4‐5 billion from these new segments.
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