The shares of Tata Global Beverages are trading at Rs 122, up by Rs 4 or 3% after reports stated about the 50:50 joint venture between Tata Beverages and PepsiCo.
The stocks had earlier opened at Rs 117, touching the day's high at Rs 126 and low at Rs 116. The total traded quantity stood at 22.04 lakh shares on the BSE.
RK Krishna Kumar, Vice Chairman of Tata Global Beverages was quotd as saying "The initial investment in the JV Company is Rs 50 crore. Production of the products will be outsourced. NourishCo will also outsource the retail to PepsiCo. The product was developed by Tata Beverages, PepsiCo came in board later."