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Tata Global Beverages rallies on Starbucks JV deal

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has rallied 6% to Rs 104 on forming joint venture (JV) with the world’s biggest coffee chain operator, , 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 .

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