By IANS
Kolkata : Tata Tea Ltd., the world’s second largest branded tea company, will set up a joint venture company in Russia. It is also eyeing the beverage market in the US.
“We are planning to set up a joint venture in Russia, which will explore markets of both tea and coffee in Russia and nearby countries like Kazakhstan,” Tata Tea vice-chairman R.K. Krishna Kumar told reporters Friday on the sidelines of the company’s annual shareholders’ meeting here.
“We are talking to a few companies, and hope to set up the joint venture by the end of this financial year,” he said, adding that Tata Tea will have a manufacturing facility and packaging unit there catering to markets in Russia and Kazakhstan.
Kumar said the company was also buying herbal and fruit tea brands in the United States and eastern Europe.
He said the company has bought stakes in a Chinese firm to boost its presence in the beverage market there.
Tata Tea, which owns the Tetley tea brand, is also keen to increase its portfolio of non-tea beverages.
“We are looking at the beverage market in the US, since Tetley already has a presence in Europe and Canada,” he said.
Tata Tea recently bought stakes in Mount Everest Mineral Water Ltd. after selling its 30 percent holding in Energy Brands Inc. to Coca-Cola Co. for $1.2 billion.