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Tata Tea changes into Tata Global Beverages
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SME Times News Bureau | 06 May, 2010
Tata Global Beverages Ltd. This is the new name chosen for the tea company of India's largest corporate house after having made many big-ticket acquisitions and expanded its portfolio to include products like coffee, energy drinks and mineral water.
"The board has approved a change in the name of the company from 'Tata Tea Ltd' to 'Tata Global Beverages Ltd' subject to approval of shareholders and the central government," the $1.07 billion company said in a filing with the stock exchanges on Thursday.
According to the company's managing director R. Krishna Kumar, the Tata Global Beverages will now unite all the beverage interests marking another step in its transformation to become a global leader in the good for you drinks.
"The new name reflects the company’s ambition to be global and its brave and successful transition from being a tea and coffee commodity business to one focused on delighting consumers across the world with great-tasting branded beverages," he said.
"Importantly, it sets out the strategic intent of the company for the coming years."
Tata Tea, which has a presence in 60 countries, had acquired several global companies in the past years such as Eight O’Clock Coffee and Tetley, expanding is business from a pure tea and related plantation company to a beverages major across the spectrum.
It then set up the Mount Everest Mineral Water Company that sells under the "Himalayan" brand. This apart, the group also entered into an agreement with global beverages major PepsiCo to set up a joint venture to manufacture non-carbonated drinks.
The Tata group has nearly 100 companies in its fold, with 357,000 employees worldwide, which account for a total revenue of $70.8 billion, with 65 percent coming from operations outside India.
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