Reissue: TTK Prestige and Satin Creditcare Join Hands to Empower Rural Households With Affordable Cooking Solutions

Business Wire India
TTK Prestige, India’s number 1 kitchen appliance brand, has announced a partnership with Satin Creditcare Network Limited (“SCNL”) one of the largest microfinance companies in India, to provide affordable and healthy cooking solutions to low income groups in South India.
 
TTK Prestige, which sells over 30 million products per year, will be selling pressure cookers, induction cooktop and mixer grinders to over 70,000 existing SCNL clients in Karnataka and Tamil Nadu.
 
Mr. K. G. George, Sr. Vice President (Retail and Alternate Channels) said: “At TTK Prestige, we believe that it is every person’s right to have access to healthy cooking tools. We are immensely pleased to partake in this initiative with SCNL to empower rural households with the right cooking solutions. Our objective is to take this initiative across India and ensure that ultimately every Indian kitchen has a TTK Prestige cooking appliance.”
 
Speaking on the initiative, Mr. Dev Verma, COO, Satin Creditcare Network Limited said: “Making TTK Prestige products easily accessible to a large number of disadvantaged rural households can bring about a significant improvement in the way they cook and consume food.’’
 
He added, “At Satin Creditcare, we strive to improve the quality of life of our clients and their families by social engagement. In past, we have disbursed loans products related to water and sanitation, clean energy, solar panels and bicycles. Our endeavour has always been to foster spirit of entrepreneurship by providing timely credit to more than 3.5 million women across India.”
About Satin Creditcare Network Limited
 
Satin Creditcare Network Limited (SCNL or Satin) is a leading microfinance institution (MFI) in the country with presence in 22 states and around 72,000 villages. The company mission is to be one stop solution for excluded households at the bottom of the pyramid for all their financial requirements.
The company also offers a bouquet of financial products in the Non-MFI segment (comprising of loans to MSMEs), a housing finance subsidiary, and business correspondent services and similar services to other financial Institutions through Taraashna Services Limited, a business correspondent company and a 100% subsidiary of SCNL.
 
In April 2017, SCNL incorporated a wholly owned housing finance subsidiary (Satin Housing Finance Limited or “SHFL”) for providing loans to the affordable housing segment. In January 2019, SCNL received separate NBFC license to commence MSME business. SCNL forayed in digital lending “Loan Dost” to target millennials
 
As of March 2019, SCNL on consolidated basis had 1,168 branches and a headcount of 11,831 across 22 states and union territories serving 35 lakh clients.
 
About TTK Prestige
 
TTK Prestige Limited is part of TTK Group. Over the past six decades TTK Prestige Limited, has emerged as India’s largest kitchen appliances company catering to the needs of home makers in the country. Every Prestige brand product is built on the pillars of safety, innovation, durability and trust, making the brand the first choice in millions of homes. In April 2016, TTK Prestige launched ‘Prestige Clean Home’ a range of innovative home cleaning solutions. The company also bought UK based Horwood Homewares in the same month and launched Judge Brand in India in August 2017.
 
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This document may contain certain forward looking statements within the meaning of applicable securities law and regulations. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. Many factors could cause the actual results, performances, or achievements of the Company to be materially different from any future results, performances, or achievements. Significant factors that could make a difference to the Company’s operations include domestic and international economic conditions, changes in government regulations, tax regime and other statutes. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company.