Tata Tea turns Tata Global Bev
In a bid to strenthen its global image as a beverage company, the board of directors at Tata Tea has approved a name change to a new corporate identity: Tata Global Beverages.Updated: May 06, 2010 21:49 IST
In a bid to strenthen its global image as a beverage company, the board of directors at Tata Tea has approved a name change to a new corporate identity: Tata Global Beverages.
Subject to shareholder and government approval, Tata Tea, Tetley, Eight O Clock Coffee and other company names will change to Tata Global Beverages.
“Today’s announcement demonstrates the group’s pride in its Tata parentage and heritage, and its intention to build a new and strong global Tata brand,” said R. Krishna Kumar, vice-chairman, Tata Tea.
Following the operational integration of its five beverage businesses announced last year, Tata Global Beverages will unite all beverage interests, marking another step in its transformation to become a global leader in the “good for you” beverage segment.
Tata Tea recently entered a joint venture with PepsiCo, signaling its intention to enter the health and beverage segment. The move now signals an important milestone in the evolution of the beverage business, where 70 per cent of the current consolidated revenues come from outside India.
In 2006, Tata Tea acquired a 30 per cent stake in US-based enhanced water firm Glaceau for $677 million. The company later sold the stake to Coca-Cola for $1.2 billion, when the majority owner of the company decided to sell out. It was a windfall gain that emboldened the Tatas.