Tata Global Beverages has rallied 6% to Rs 104 on forming joint venture (JV) with the world’s biggest coffee chain operator, Starbucks, to roll out its cafes on a pan-India basis.
“The 50:50 joint venture, named TATA Starbucks Ltd, will own and operate Starbucks cafés which will be branded as Starbucks Coffee “A Tata Alliance”, the company said in a filing the stock exchanges.
The retail stores will be developed in cities across the country, beginning with stores in Delhi and Mumbai in calendar 2012, it added.
A combined around 2.67 million shares have changed hands on the counter so far on both the NSE and BSE.
Foreign institutional investors (FIIs) were net buyers of Rs 624.10 crore (provisional) today, according to data released by BSE.