You are here: Home » Companies » News
Business Standard

Starbucks moving forward with MoU with Tata Coffee

Press Trust of India  |  New Delhi 

US-based coffee giant today said it is moving forward with the (MoU) signed with and hopes to make an announcement soon even as the government has notified 100% FDI in

In an e-mailed response, John Culver, President, (China and Asia Pacific) told PTI: "We are moving forward with MoU (signed with in 2011) discussions and planning, and hope to make an announcement soon".

On January 10, the government allowed 100% FDI in single-brand retail, paving way for global chains to have full ownership of their India operations.

The company had earlier signed an MoU with for formation of a strategic alliance for sourcing of coffee beans. As per the MoU signed, the also agreed to explore the opportunities for opening coffee shops in India.

Culver further said: "We are excited about the great opportunities that India presents to and look forward to offering high-quality coffee, handcrafted beverages, legendary service and the unique experience to customers in India".

However, the 100% FDI in retail comes with a sourcing clause. It will be mandatory to source at least 30% from the domestic small and cottage industries which have a maximum investment in plant and machinery of $1 million (over Rs 5 crore).

said at this point the company does not have anything further to add.

is the world's biggest coffee chain, managing over 16,000 stores, and operates in more than 50 countries.