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Tata Global to enter food business
by indiatimes.com - 24/08/2010
"Tata Global Beverages (TGB, formerly Tata Tea) is planning to enter the food segment."
It is also looking at acquisition in food business to make inroads into this segment. Tata Group chairman Ratan Tata disclosed this after the AGM of TGB on Friday. Tata also said that the group would raise stakes in all the major companies.
According to him, TGB is planning to add foods and fortified health drinks to its portfolio of products, that currently includes tea and non-carbonated drinks. Tata said: "So far, we were engaged in the businesses of tea, non-tea non-carbonated beverages and mineral water, now we are planning to foray into foods and fortified health drinks."
Tata group chief made it clear that it was tightening its grip on all the major group companies. "Our aim is to increase stakes in all the key companies. There is stipulation that one can increase it by 5% through creeping acquisition route. We are availing that whenever fund position permits," he added.
It may be noted that apart from TCS and Tata Communications, the holding of the Tata Group in all other major companies are well below 50% level. Tata Group's holding in Tata Steel is 31.33%, Tata Motors 37%, Tata Power 31.8%, Tata Global 35.38%, Tata Chemicals 28.13%. Ratan Tata also said it would restructure Tetley. "We are looking at restructuring Tetley, but we cannot comment on its listing in UK," he added. He indicated that it might merge Tata Coffee and Mount Everest in future. "We always look at merger of group businesses to optimise operational efficiency."
TGB, which in April this year announced a tie-up with PepsiCo, will explore the possibility of setting up a JV for global distribution of its products, as it eyes a revenue of $5 billion by 2015. "Present revenue of the company is $1.5 billion. The target is to take it to $5 billion in the next five years," he added.
Read more: Tata Global to enter food business - India Business - Business - The Times of India http://timesofindia.indiatimes.com/business/india-business/Tata-Global-to-e nter-food-business/articleshow/6423221.cms#ixzz0xVb17xKK
More Details: http://timesofindia.indiatimes.com/business/india-business/Tata-Global-to-enter-food-business/articleshow/6423221.cms
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