Getting beverage division ready for future: Cyrus Mistry

 Kolkata, Aug 14 (IANS) Tata Group chairman Cyrus P. Mistry on Friday said the group is getting its beverage division ready for future growth and will be investing extensively on its beverage brands.

“We will be investing significantly in our brands which is what we are doing. We are getting the company ready for the future to grow our brands,” he said in a response to a shareholder of Tata Global Beverages Ltd (TGBL) during its AGM here.

The company, in the last fiscal year invested Rs.60 crore in Tata Starbucks, its joint-venture with Seattle based Starbucks coffee chain, Rs.15 crore was invested in NourishCo Beverages Ltd, a company where TGBL has 50 percent stake while Rs.10.83 crore was invested in mutual funds.

“Regarding capex, we are spending approximately Rs.150 crore every year on a consolidated basis,” he said.

Mistry said TGBL will continue to expand its global product portfolio to explore further growth drivers and opportunities.

“We will continue to strive business growth from our joint ventures, PepsiCo and Starbucks… Our primary focus will be on growth and volumes across market and deliver a sustainable profitable growth for a mix of brand led growth, efficient cost management and scaling of new ventures,” he said.

During 2014-15, the company’s global growth was estimated at 3.4 percent of which emerging economies accounted 70 percent of the overall growth.

TGBL received a royalty income of Rs.49.21 crore in 2014-15 — up from Rs.43 crore during 2013-14.

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