Tata Tea Targetting New Overseas Markets

Kolkata, Aug 10(UNI) Targetting new overseas markets, Tata Tea Ltd. proposes to set up a joint venture company in Russia and expand its share of the US beverage market.

"We are planning to set up a joint venture company in Russia which will look at opportunities in both tea and coffee for Russia and the former CIS countries," Tata Tea Vice-Chairman R K Krishna Kumar told reporters after the company's 44th Annual General Meeting.

Mr Kumar said Tata Tea was already in talks with a few companies and was hoping to set up the proposed joint venture with one or two partners by the end of the current fiscal.

He, however, did not specify the size of the potential investment in the venture.

"The company will have a manufacturing facility and a packaging unit. It will cater to the markets in Russia and Kazakhstan," he said.

Tata Tea, the world's second-largest branded tea company, owns the British Tetley tea brand and has been expanding overseas presence, buying herbal and fruit tea brands in the United States and eastern Europe. Recently it had also picked up 70 per cent stake in a joint venture company in China.

It has been reported that Tata Tea was evaluating Cadbury Schweppes Plc's North American beverages unit and could also make a Kolkata, Aug 10(UNI) Targetting new overseas markets, Tata Tea Ltd. proposes to set up a joint venture company in Russia and expand its share of the US beverage market.

"We are planning to set up a joint venture company in Russia which will look at opportunities in both tea and coffee for Russia and the former CIS countries," Tata Tea Vice-Chairman R K Krishna Kumar told reporters after the company's 44th Annual General Meeting.

Mr Kumar said Tata Tea was already in talks with a few companies and was hoping to set up the proposed joint venture with one or two partners by the end of the current fiscal.

He, however, did not specify the size of the potential investment in the venture.

"The company will have a manufacturing facility and a packaging unit. It will cater to the markets in Russia and Kazakhstan," he said.

Tata Tea, the world's second-largest branded tea company, owns the British Tetley tea brand and has been expanding overseas presence, buying herbal and fruit tea brands in the United States and eastern Europe. Recently it had also picked up 70 per cent stake in a joint venture company in China.

It has been reported that Tata Tea was evaluating Cadbury Schweppes Plc's North American beverages unit and could also make a $2 billion offer for US-based AriZona Beverages.

"It is part of our strategy to leave footprints across the world.

Since Tetley is already present in Europe and Canada, we are looking at the beverage market in the US," he said.

In reply to a question, Mr Kumar said the company had achieved a captial gain of 500 million dollars out of its sale of Glaceau, a US company, and the proceeds were expected to come by the end of November this year.

UNI KDG PL DB1651 billion offer for US-based AriZona Beverages.

"It is part of our strategy to leave footprints across the world.

Since Tetley is already present in Europe and Canada, we are looking at the beverage market in the US," he said.

In reply to a question, Mr Kumar said the company had achieved a captial gain of 500 million dollars out of its sale of Glaceau, a US company, and the proceeds were expected to come by the end of November this year.

UNI