Starbucks close to cafe JV with Tata Coffee - report

MUMBAI Mon Oct 10, 2011 1:30pm IST

A pedestrian walks past the Starbucks logo on a store in Times Square in New York March 8, 2011. REUTERS/Lucas Jackson

A pedestrian walks past the Starbucks logo on a store in Times Square in New York March 8, 2011.

Credit: Reuters/Lucas Jackson

Related Topics

MUMBAI (Reuters) - Starbucks Corp is finalising an equity joint venture with Tata Coffee Ltd for opening coffee shops in Asia's third-largest economy, the Times of India reported on Monday.

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 by Reuters 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 Times of India 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.

(Writing by Sumeet Chatterjee; Editing by Ranjit Gangadharan)

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage