Tata Global Beverages Ltd. said that the Company has entered into a Joint Venture with Starbucks group.
The newly formed Joint Venture company called Tata Starbucks Ltd. shall engage in the operation of Starbucks Cafes.
The parties have signed the Joint Venture Agreement today which sets forth the vision of developing the business in India.
Each party will hold 50% in the JV.
A Tata Coffee executive was quoted as saying that Starbucks would open its first flagship store in India around August-September of this year.
The Seattle-based Starbucks had signed an agreement with Tata Global Beverages in January 2011 to buy coffee from India and open retail outlets in the country.