Tata coffee up for a JV with Starbucks: Report
Seattle-based Starbucks had held talks with other potential partners in India including fast food chain operator Jubilant Foodworks before settling down with Tata Coffee, the newspaper said, citing sources with direct knowledge.
Tata Coffee's managing director, Hameed Huq, could not be reached at his office in Bangalore, and Starbucks did not immediately respond to a mail seeking comment on the report.
Starbucks had signed a pact with Tata Coffee, part of the Tata industrial conglomerate, in January to buy coffee from India and explore opening retail stores in the country, the companies had said in a statement.
The report said the Starbucks joint venture deal with Tata Coffee would also be backed by other bigger firms within the salt-to-software Tata group.
India's foreign direct investment regulations will allow Starbucks to hold up to 51 percent in the joint venture and Tata shares may be routed through more than one group entity, including Tata Coffee, the newspaper said.
More from India
More from World
More from Sports
More from Entertaiment
- 7th Pay Commission recommends 23.55% hike in salary for central govt employees; minimum salary set at Rs 18,000 per month
- Shocking fact of pay 'hike' in 7th Pay Commission recommendations!
- Full Report of 7th Pay Commission
- Unbelievable! Clean and healthy meals on Indian Railways at just Rs 20
- E-commerce war: Paytm Diwali sale offers 100% cashback on 25 million products