By IANS,
Bangalore : Tata Global Beverages Ltd Friday signed an agreement with Kerala Ayurveda Ltd to form a joint venture (JV) for developing a range of beverages and food products based on native recipes for the global market.
“The proposed joint venture will focus on developing beverage and food products based on Ayurvedic recipes, actives and formulations for the global market where benefits of the Indian system of medicine for wellness are recognised,” the company said in a statement here.
Both the companies will sign definitive agreements to set up the JV in the next few months and the transaction will be subject to statutory approvals.
“The joint venture will not have conflict of interest with the existing arrangements of either party,” the statement added.
The $1.5-billion Tata Group company has interests in beverages, tea and coffee and operates across 40 countries worldwide.
Tata Tea, Tetley, Himalayan natural mineral water, Good Earth and Eight ‘O’ Clock coffee are some of its regional and global beverage brands.
Kerala Ayurveda, founded in 1945 by renowned Ayurved acharya K.G.K. Panicker at Aluva in the southern state, has a chain of 30 treatment centres and clinics and three hospitals across India, besides a wellness resort in this tech hub (Bangalore).
The Ayurveda firm also offers a range of Ayurvedic courses, treatments and healthcare services through five subsidiaries across the US.