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Tata Coffee to float new venture
Special Correspondent
BANGALORE:
Tata Coffee will set up a joint venture with Beeyu Overseas, christened Alliance Coffee Limited, for undertaking marketing and sale of the company's instant coffee products in the international market.
Tata Coffee will hold a majority stake in the new joint venture which was cleared by the company's board on Tuesday, a statement from Tata Coffee said.
The board has also cleared a proposal to raise the capital from Rs. 20 crore to Rs. 25 crore through the issue of 50 lakh equity shares of Rs. 10 each. It has recommended a dividend of Rs. 6.50 per share for the year ended March 31, 2006.
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