Mumbai, May 6
Having nurtured ambitions of becoming global beverage player, Tata Tea has finally decided to change the name of its company as Tata Global Beverages.
The Board of Directors of Tata Tea Ltd has approved the name change. Tata Tea, Tetley, Eight O'Clock Coffee and other company names will change to Tata Global Beverages Ltd, subject to shareholder approval and approval of the Central Government.
The approval of the shareholders is proposed to be sought by way of a postal ballot in accordance with the provisions of Section 192Q of the Companies Act, 1956.
Last year, Tata Tea integrated its five beverage businesses across the world and had positioned itself as a global player.
Recently, it shifted its head office from Kolkata to London to focus on its global operations.
Tata Tea and PepsiCo have also signed a memorandum of understanding to forge a joint venture in the non-carbonated ready-to-drink health and wellness market indicating Tata Tea's ambitions of becoming global player in the beverage business.
In a statement Mr R. Krishna Kumar, Vice-Chairman, Tata Tea, said, “Today's announcement clearly demonstrates the group's pride in its Tata parentage and heritage, as well as its intention to build a new and strong global Tata brand.”
According to release issued by the company, “This signals an important milestone in the evolution of the beverage business, where 70 per cent of the current consolidated revenues come from outside India. The new name reflects the company's ambition to be global 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. Importantly, it sets out the strategic intent of the company for the coming years.''
In a falling market, the Tata Tea scrip fell 0.61 per cent on the BSE to Rs 1,029.50 on Thursday.