Tatas sign formal pact for opening Starbucks cafes in India
January 30th, 2012 - 7:26 pm ICT by IANSMumbai, Jan 30 (IANS) Global coffee chain Starbucks will soon be making its way to India with Tata Global beverages Monday formally announcing a joint venture pact with the US-based company.
“The company has entered into a Joint Venture with Starbucks group whereby the newly- formed joint venture company Tata Starbucks Limited shall engage in the operation of Starbucks Cafes,” Tata Global Beverages said in a regulatory filing.
Both parties had announced their intent to start Starbucks-branded cafes in India last year.
“The parties have signed the joint venture agreement on Jan 30, 2012 which sets forth the vision of developing the business in India. Each party will hold 50 percent of the joint venture,” it added.
Although other details were not available at the moment, Tata Group’s executives have hinted that the first cafe could open as soon as second half of 2012.
Tata Coffee, part of the diversified group, had signed a memorandum of understanding with Starbucks in 2011 for sourcing and roasting coffee beans in the Indian firm’s Kodagu facility in Karnataka.
The entry of Starbucks which has over 16,000 stores in more than 50 countries will give competition to existing Indian coffee retail chains like Cafe Coffee Day and Barista.
Estimates put the size of the Indian organised coffee retail chain market at Rs.1,000 crore.
- Starbucks to enter India hand in hand with Tata Coffee - Jan 13, 2011
- Brewing a national coffee culture: Delhi to host coffee fest - Dec 26, 2011
- Tata Global Beverages to enter nourishing foods sector: Ratan Tata - Aug 30, 2011
- Tata Beverages, Kerala Ayurveda to form joint venture - Jan 28, 2011
- Tata Coffee net up 43 percent in 2011-12 - May 09, 2012
- Coffee from Kerala, soon to 'Kic OFF' across India - May 05, 2012
- Italian coffee brand Caffe Pascucci enters India - Jun 25, 2009
- From a Punjab kitchen, these sweets, snacks have travelled far - Jan 28, 2011
- Lavazza plans to make India its second biggest coffee market - Jan 28, 2011
- Coffee fest to focus on market opportunities in India - Oct 06, 2009
- White coffee: Malaysia starts new trend in beverages - Sep 25, 2010
- Starbucks eyes China market - Apr 03, 2012
- A factsheet on the Tata Group - Nov 24, 2011
- Italian businesses eye deals worth 640 bn euros in India - Feb 03, 2011
- Smell the coffee - Indian baristas taking on bartenders! - Nov 21, 2010
Tags: barista, beverages, cafes, diversified group, global coffee, indian coffee, joint venture agreement, joint venture company, kodagu, memorandum of understanding, mumbai, retail chain, retail chains, roasting coffee beans, rs 1, second half, starbucks, tata group, venture pact, way to india