india\s tata coffee shares up on starbucks
Last Updated : GMT 12:34:34
Arab Today, arab today
Arab Today, arab today

India\'s Tata Coffee shares up on Starbucks

Arab Today, arab today

Arab Today, arab today India\'s Tata Coffee shares up on Starbucks

Mumbai - AFP

Shares in India\'s Tata Coffee soared nearly 10 percent on Monday after media reports that a proposed tie-up with giant US chain Starbucks will be announced soon. Tata Coffee, a grower and supplier of high-quality Arabica beans, jumped 9.8 percent intraday to a day\'s high of 881.75 rupees on the Bombay Stock Exchange. The surge followed a report in the Times of India that Starbucks was set to open its first cafes in the fast-growing Indian market. The two companies had announced a deal in January this year. Seattle-based Starbucks has for years been eyeing the Indian market, where large US food and drink giants such as McDonald\'s, Domino\'s pizza and Pizza Hut have already established a strong presence. The Times of India, quoting unnamed sources, said Starbucks had approached other potential Indian partners, including fast-food chain operator Jubilant Foodworks before deciding on Tata Coffee. India has traditionally been a nation of tea drinkers but economic growth in recent years has led to a shift in preferences, with Western-style coffee shops a major attraction. Tata Coffee and Starbucks could not be immediately be reached for comment. Costa Coffee, part of Britain\'s Whitbread hospitality group, and US-based The Coffee Bean and Tea Leaf are already well established in major Indian cities. Indian chains Barista, which has a tie-up with Italy\'s Lavazza, and Cafe Coffee Day, are also popular. All are promoted as sophisticated marks of affluence and good taste in the class-conscious nation. The Times of India said the Starbucks-Tata Coffee deal would also be backed by other bigger firms within the salt-to-software Tata group.  

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