Tata Starbucks Limited, the 50/50 joint venture between Starbucks Coffee Company (Nasdaq:SBUX) and Tata Global Beverages Limited, today confirmed that the first store in India will open in the Horniman Circle area of Mumbai by the end of October 2012.
The store will also be the first Starbucks location to feature espresso sourced and roasted locally from India through the coffee sourcing and roasting agreement with Tata Coffee Limited. Espresso sourced from India will be a hallmark feature of all Starbucks stores in the market, highlighting the quality espresso available in India and Tata Starbucks Limited’s commitment to delivering a truly unique and authentic Starbucks Experience to customers throughout India.
“We are delighted to be able to announce our progress toward opening our first store in India and to introduce locally sourced espresso,” said John Culver, president, Starbucks China and Asia Pacific . “Being able to use the highest quality espresso, sourced and roasted in India, is an important part of delivering a locally relevant experience to our customers in the market.” Culver went on to state, “This is the first step Starbucks and Tata Coffee Limited are taking toward developing and improving the profile of Indian-grown arabica coffees around the world by elevating the stature of Indian coffee, as well as improving the quality of coffee through sustainable practices.”
“Tata Global Beverages is a company known for bringing memorable tea consumption moments to consumers in India," stated Harish Bhat, CEO, Tata Global Beverages. “The joint venture is in line with Tata Global Beverages’ strategy of growing through strategic alliances in addition to organic growth. We are excited about the opportunity to innovate in the retail space and bring new beverage moments to more consumers.”Tata Starbucks Limited today also announced the appointment of Avani Saglani Davda as CEO.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV