By IANS,
Kolkata : Tata Global Beverages Ltd Tuesday said its research and development efforts will continue to develop new products focusing on health and nutrition.
“The emphasis on innovative and differentiated product development will contribute to the New Product Development (NPD) funnel that is focused on keeping in step with the rapidly changing global beverages market.
“More focus would be given for innovation and adoption of new technologies and processes to develop and optimise products for the target consumer,” the company, formerly Tata Tea Limited, said in its Annual Report and Financial Statements 2010-11.
It said NPD projects of global nature, which were commercial and technically driven, with a health focus, would increasingly be part of the agenda.
“We continued the emphasis on the specialty category in the UK and Tetley Infusions in Canada, with the launch of two new flavours. Further initiatives are under way for breakthrough innovation in our key strategic growth areas of health and wellness,” it said.
With a view to improving competitiveness, across key geographies and functions, the Group is undertaking a strategic review of the cost base and this exercise is expected to be completed during the current year.
The company said it was increasingly looking for growth opportunities in the functional beverages category.
On the industry, it said the outlook was for a dearer and strong market as new season’s teas went on sale. Markets in South India were witnessing a weak trend as the weather had been drier.
“One of the major challenges for our business is the increase in input costs. A strategic review of the cost base to identify cost rationalisation opportunities and improve competitiveness is being undertaken,” the company added.