"The companies will explore collaboration for sourcing and roasting premium coffee beans in India; the agreement will support Starbucks' future market entry and operations in India,” said the Tata Group in a statement.
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In a major step towards entering in the Indian market, Starbucks, the world's largest retailer of coffee, announced a strategic, 50:50 joint venture with Tata Global Beverages, parent of Tata Coffee on Monday. Its first retail outlet will be opened by August or September this year.
Tata Starbucks, the newly formed joint venture company, would operate Starbucks Cafes in India.
“India is one of the most dynamic markets in the world with a diverse culture and tremendous potential. This will be a long term joint venture, but we will not be looking at raising stake to 100 per cent. Our desire is to leverage Tata properties for setting up cafes,” said Howard Schultz, Chairman, president and Chief Executive Officer, Starbucks.
He further said that Starbucks will appoint a CEO for the joint venture shortly.
“The companies will explore collaboration for sourcing and roasting premium coffee beans in India; the agreement will support Starbucks' future market entry and operations in India,” said the Tata Group in a statement.
Parminder Kaur Suri
fybmm roll no-55
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