Tata Tea is planning to set up a joint venture company in Russia to tap opportunities in the tea and coffee space.
Speaking on the sidelines of the company’s annual general meeting, R K Krishna Kumar, vice chairman, Tata Tea said, the company is talking to a few companies and hopes to set up the joint venture by the end of the current fiscal.
The move was part of Tata Tea’s plans to expand the global footprint. Krishna Kumar said, and it would like to have a global footprint from Japan to the US.
At present, Tata Tea has a global market share of 4% and ranks the second while its competitor has 15%. Tata Tea is endeavouring to narrow the gap. Krishna Kumar said, the company would narrow down the gap in market value by having innovative products. In this context he mentioned, the joint venture in China created for polyphenol extracts.
Read more in The Business Standard article.
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