STATESMAN NEWS SERVICE
Kolkata, 15 July
With a focus on growth Tata Global Beverages would make substantial investments in its brands.
Tata Global Beverages chairman Mr Cyrus Mistry, who addressed shareholders in his new capacity for the first time here today said: “It is crucially important to grow our brands in India and overseas.
There is also a need for innovations which need funds. Large foundations have been laid which need to be grown.”
Commenting on the rupee depreciation against dollar, Mr Mistry said that the fall in the value of rupee has been beneficial to the company.
The new chairman said Tata Global Beverages (formerly known as Tata Tea) would be out of all non-core investments in a phased manner.
Tata Global’s major brands include Tata Tea, Tetley, Himalayan, and 8’0 Clock Coffee.
Apart from strengthening its joint venture with Pepsico, it plans to make fresh investments in Starbucks and break-even in the next two years.
The company would add more Starbucks outlets to the already existing 17 outlets.
The company was also looking at the prospects of acquisitions and joint ventures with a focus on its core business, said the company’s managing director Mr Harish Bhat, on the sidelines of the company’s annual general meeting.
Mr Bhat said that the company had plans to launch the Himalayan brand globally after it sets a strong foot in the domestic market. However he did not mention any timeframe for this.
Mr RK Krishna Kumar, vice-chairman told reporters that the company had set a target of $5 billion turnover in the next three years.