14 Jan '11, 9am

India's Tata Coffee shares jump on Starbucks deal

MUMBAI : Shares in India's Tata Coffee soared on Friday after the group announced a tie-up with Starbucks that will see the US drinks giant open its first cafes in the growing Indian market. Shares in Tata Coffee, a coffee grower and supplier of high-quality Arabica beans, leapt as much as 17.5 percent to a day's high of 544.5 rupees, before easing back on profit-taking to 489.7, still up 5.74 percent. Seattle-based Starbucks has for years been eyeing the Indian market, where large US food and drink giants such as McDonald's, Domino's and Pizza Hut have already established a strong presence. Starbucks, which is aiming to open a store by the middle of the year, will come late to the Indian market where competitors including Costa Coffee, Barista, Cafe Coffee Day or Coffee Bean are established. Typically tea-drinking Indians are increasingly turning to coffee and upmarket ca...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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