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Tata Global Beverages Ltd on Friday said it has signed a Memorandum of Understanding with Kerala Ayurveda Ltd to explore formation of a joint venture to develop products based on proven ayurvedic recipes and to market them globally.
“Definitive agreements are expected to be finalised over the next few months. The transaction will be subject to corporate and statutory approvals as may be required,” the company said in a statement.
The proposed joint venture is not intended to conflict with any existing arrangements of either party, it added but did not disclose any further details.
The intention of the JV will be to focus on development of a range of beverages and food products based on proven ayurvedic recipes, actives and formulations for the global market, where there is world-wide recognition of the benefits of ayurveda for good health and wellness, it added.
Last year, Tata Global Beverages board had approved forming a 50:50 joint venture with PepsiCo to sell products in the area of non-carbonated ready to drink beverages focused on health and enhanced wellness. Besides, the JV will get the licence to sell its ‘Himalayan’ brand of natural water.
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