Tata Global Beverages aiming at $5 bn turnover

Tata Global Beverages is targeting a $5 billion turnover in the next three years, a top company official said here Monday.

"We aim to hit five billion dollars turnover in the next three years," company vice chairman R.K. Krishna Kumar told media persons after Tata Global Beverages 15th annual general meeting here.

CEO and managing director Harish Bhat said the company was pushing for "ambitious growth" through both organic and inorganic means.

"We have a very ambitious growth plan. We will continue to invest strongly in all our brands, as well as we are looking to grow through acquisitions and joint ventures," said Bhat though he refused to divulge details about the company's future acquisitions.

Despite being unprofitable, the company will continue investing in the Tetley brand in Pakistan and Bangladesh markets.

"Pakistan and Bangladesh are large tea-consuming markets where we market the Tetley brand. Though we are not profitable there now, we will continue to invest there in different consumer segments and hope to earn profits soon," said Bhat adding that the company may become profitable in the medium term.

He also said the company will register "disproportionate" growth in its coffee and water products.

"Currently our portfolio consists of tea 70 percent, coffee 20 percent, water 5 percent and others beverages 5 percent. Since both coffee and water are new, they will register disproportionate growth in the coming future," said Bhat.

He also said the company will soon launch its Himalayan mineral water in the international market.

"We have plans to launch Himalayan globally and we will do it phase wise. First we need to strengthen the brand in India and then we will move to foreign markets. We have already moved to Singapore but as of now there is no time frame as to when and which international markets we would be exploring," added Bhat.