Indian appliance maker buys majority stake in Australia’s Ecolife

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In India, TKK Prestige has bought a majority stake in Ecolife, an Australia-based producer of biodegradable tableware.

TTK Prestige, an appliance maker backed by private equity firm Nalanda Capital, paid 1.25 million (USD$1.67 million) for a 51% stake. Ecolife sells EcoSoulife products, which include single-use and reusable plates and cutlery made from corn starch, rice husk, bamboo fiber, palm leaf, sugarcane and wheat straw.

TTK says the products can replace plastic, melamine, and glass tableware, among others.

“Given the current global order to swiftly move away from plastic, melamine, glass etc., the business has a significant potential globally,” TKK tells VC Circle.