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.
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