Tata Global Beverages Ltd (TGBL), formerly known as Tata Tea, has elevated John Jacob, presently working as vice-president – group finance, as chief financial officer (CFO), as per a stock market disclosure. Jacob joined the firm in May 2013.
K Venkataramanan who is CFO currently will be moving over to the company’s subsidiary Tata Coffee Ltd as executive director – finance, the company said in a BSE release. Both the appointments will be effective from October 25.
Venkataramanan will replace M Deepak Kumar, who is CFO and executive director – finance currently.
Venkataramanan is a chartered accountant and a cost accountant. After competing his studies in 1990, he joined Tata Oils Mills Co and worked for four years. After that, he moved to Tata Tea and handled multiple profiles.
Venkataramanan, who has over two-and-a-half decades of experience in areas covering financial and management accounting, commercial finance, taxation, treasury, and corporate restructuring initiatives, also worked with Barista Coffee as CFO for a couple of years.
TGBL, the second-largest player in tea in the world, serves consumers with its flagship brand, Tata Tea Premium and other brands like Tetley, Good Earth Tea and JEMČA. The firm originates over 65 per cent of the consolidated revenue from markets outside India.
TGBL produces more than 10,000 MT of shade-grown Arabica and Robusta coffee at its 19 estates in South India and its two instant coffee manufacturing facilities have a combined installed capacity of 8400 MT. It exports green coffee to countries in Europe, Asia, Middle East and North America.
The company owns majority stake in Tata Group’s public listed coffee company Tata Coffee, which appointed Sunalini Menon as a director on its board, effective September 23, replacing DR Kaarathikeyan who will retire on October 1. Also, Venu Srinivasan, director, has resigned from the board from September 1, Tata Coffee said.
TGBL has been looking to boost its presence in the coffee business. Recently, through its UK-based subsidiary, it acquired Australian firm Bronski Eleven Pty Ltd, for an undisclosed amount.
It is partnering with Starbucks, the world’s largest coffee chain. The venture had rolled out outlets swiftly and has quickly emerged as one of the key players in the coffee chain business in the country. It competes with the likes of market leader Café Coffee Day, Barista Lavazza and Costa Coffee.
(Edited by Joby Puthuparampil Johnson)