Tata global beverages Ltd shares surged after the company announced its JV with Starbucks corporation, the shares were trading at Rs 107.25 up by 9.30 points or 9.49%. Tata Coffee shares were up trading at Rs 866.30 up by 0.50 points or 0.06% on BSE. Starbucks corp shares were high trading at $ 48.48 up by 1.32% on NASDAQ.
The JV will enable an expanded range of beverage offerings for Indian consumers. As an example, the companies have agreed to jointly leverage assets and innovation to offer a premium tea product branded, Tata Tazo.
“The joint venture with Starbucks is in line with Tata Global Beverages’ strategy of growing through inorganic growth focusing on strategic alliances in addition to organic growth,” stated Mr. R K Krishnakumar, Vice Chairman, Tata Global Beverages.
“It opens up exciting business opportunities and new formats for Tata Global Beverages. Starbucks brings unique retail expertise as well as a shared sense of business values. We are excited about the opportunities the alliance presents to innovate in the retail space and bring new beverage experiences to more consumers in India, leveraging the global in-home expertise of Tata Global Beverages and the global out-of-home expertise of Starbucks.”
“We’re very pleased to have found the best partner for Starbucks in Tata – a company that shares so many of the same values for conducting business in a way that earns the trust and respect of our customers and partners (employees),” said John Culver, president, Starbucks China and Asia Pacific.
Starbucks corporation is international coffee company based in Seattle, Washington. It is the largest coffeehouse in the world, with more than 17,000 stores around the globe. Since 1992, the stocks of the company rose impressively. The company is the premier roaster and retailer of specialty coffee in the world. For more details can visit www.starbucks.com.
About Tata Global Beverages and Tata Coffee
Tata Global Beverages is the worlds largest tea company. Tata Coffee is a subsidiary of Tata Global Beverages. It is Asia’s largest coffee plantation company and the 3rd largest exporter of instant coffee in the country. For more information visit www.tataglobalbeverages.com.