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Under the terms of the deal, the pair will collaborate on sourcing and roasting green coffee beans in Tata Coffee's Coorg, India-based facility, as well as jointly exploring "the development of Starbucks retail stores in associated retail outlets and hotels."
"This [memorandum of understanding] is the first step in our entry to India," Schultz said. "We are focused on exploring local sourcing and roasting opportunities with the thousands of coffee farmers within the Tata ecosystem. We believe India can be an important source for coffee in the domestic market, as well as across the many regions globally where Starbucks has operations."
Starbucks also said recently it plans to grow its presence in China by 40%
this year, opening 200 new stores in the country over the next three years. In November
Starbucks said it plans to open 500 stores this fiscal year
, 400 of which will be outside the U.S.
As in India,
Starbucks also plans to grow coffee beans in China
All its plans for international expansion led analysts from
UBS to lift their price target on Starbucks
shares, citing its global growth prospects.
McDonald's shares rose 1.6% Tuesday, thanks in part to an upgrade from analysts at RBC Capital Markets
. Starbucks gained 0.8%.
-- Written by Miriam Marcus Reimer in New York.
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