TTK group expects row with Reckitt Benckiser to end soon

The TTK Group expects the ongoing legal battle with the UK-based Reckitt Benckiser Group Plc over the control of their equal joint venture firm, TTK-LIG Ltd, to end soon. The case is now with the Supreme Court and is expected to come up for hearing on September 10, said J. Srinivasan, Mentor Director, TTK Group. Talking to media-persons on the sidelines of the 12th Total Productive Maintenance Conference organised here by the CII today, he said: “We expect to arrive at some kind of settlement on that day.” Recently, the Madras High Court appointed an administrator, replacing the board of directors of TTK-LIG that makes Durex and Kohinoor brands of condoms. Earlier, in its order, the Company Law Board appointed Ernst & Young to value the joint venture company, to enable either one of the parties to exit. The company has been exporting condoms under the Durex brand to the foreign partner. The joint venture was originally formed in 1963 between TTK and London International Group Plc. In 1999, LIG was acquired by SSL International Plc. Two years ago (in 2010), in its biggest acquisition, Reckitt Benckiser acquired SSL International for $3.9 billion. By virtue of that buy, Reckitt became the joint venture partner of TTK.