New Delhi: US-based coffee giant Starbucks is fine tuning its plans to set up stores in the country in partnership with Tata Coffee and the two parties are likely to announce the blueprint by the end of this month.
"We are on the verge of signing the contract. We will announce the alliance by the end of this month and are working on final modalities of the agreement," Tata Coffee Managing Director Hameed Huq told reporters here on the sidelines of an
He said the first Starbucks outlet will come up by the end of this year and some of them could also be opened at Tata properties.
Starbucks already has a deal with the Tata group firm to source coffee for its global operations.
As per an MoU last year, the two companies had also agreed to explore the opportunities for opening coffee shops in India.
A recent decision by the Indian government to allow 100 percent foreign direct investment in single brand retail enables Starbucks to enter India on its own and without partnering with an Indian company.
On January 10, the government fully opened the doors to international single brand retailers, paving way for global chains to have full ownership of their India operations.
Nasdaq-listed Starbucks serves coffee, baked products and other food items at over 17,000 retail stores in over 55 countries.
Tata Coffee on the other hand grows coffee on its own estates, processes the beans, manufactures and exports, and retails coffee with its own branding in the domestic market.