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.