The world’s largest coffee chain Starbucks has decided to increase the authorised capital in its Indian unit Tata Starbucks Limited to Rs 350 crore (around $57 million), to speed up its expansion drive in the country, according to a disclosure.
Starbucks, which forged an equal joint venture with Tata Global Beverages and opened its first outlet in India in October 2012, has proposed to increase its authorised capital by Rs 130 crore (around $21.4 million).
At present, Tata Starbucks has 50 outlets in Delhi NCR, Mumbai, Bangalore, Chennai and Pune with its coffee plantations in Coorg in Karnataka.
The company debuted in Chennai last month and is planning to foray into Hyderabad later this year.
“Continuing our expansion in this market, we remain committed to growing our business with a steady focus on our partners who are at the heart of our business and contribute greatly to our success. As we grow from strength to strength, we are committed to exceeding the expectations of our customers and those of our partners,” Avani Davda, CEO, Tata Starbucks, had said on the launch of 50th store in Chennai.
Globally, Starbucks—the world’s largest coffee chain—runs over 20,000 coffee stores across 64 countries, serving more than 70 million customers per week.
Starbucks entered the Indian market in October 2012 by joining hands with Tata group.
(Edited by Joby Puthuparampil Johnson)