Tata Coffee, Beeyu Overseas to set up JV

Mumbai, May 30 : The Board of Tata Coffee Ltd today approved the proposal for a joint venture(JV) with Beeyu Overseas for marketing and sale of the companys instant coffee products in the international market.

Announcing this, the company's press release said the proposed JV will be called Alliance Coffee, in which Tata Coffee will hold a majority stake. Alliance Coffee will be the vehicle through which the international markets would be tapped.

The companys board meeting held today also decided over a host of other issues, prominent among them being the recommendation of dividend for the year ended March 31, 2005.

In the information provided to the BSE authorities, the company said its board had recommended a dividend of Rs 6.50 per share on the paid-up equity capital of the company for the year ended March 31, 2006.

It has further decided to recommend to the shareholders at the forthcoming annual general meeting increase in the authorised capital of the company from Rs 20 crore to Rs 25 crore by creation of 50,00,000 new equity shares of Rs 10 each.

The board has also extended M H Ashraffs term as managing director upto March 31, 2007.

UNI