INDIA: Tata Tea, PepsiCo explore RTD joint-venture
Tata Tea and PepsiCo target RTDs in India
Tata Tea has taken a step towards creating a joint venture in its Indian homeland with PepsiCo.
In a filing to the National Stock Exchange of India in Mumbai late last week, Tata Tea's vice president and secretary, V Madan, confirmed that the company's board has approved a non-binding Memorandum of Understanding with PepsiCo, with a view to forming a non-carbonated RTD joint venture in the country.
The alliance will focus its efforts on “health and enhanced wellness”, Madan noted.
“Definitive agreements for the joint venture are intended to be finalised over the next few months,” the filing stated, while the alliance “is not intended to conflict with any existing arrangements of the parties”.
Last June, Tata Tea said it planned to expand from its tea and coffee heartland and compete globally in the RTD market. Tata Tea said it was looking to acquire brands in Russia, Asia Pacific, Africa, and South America.
To read the filing, click here.
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