Starbucks announces big India launch
Mumbai, September 29, 2012
Starbucks, the world's biggest coffee chain, said it will open its first outlet in India next month as it seeks to tap the beverage's growing popularity in a country famed for its love of tea.
Seattle-based Starbucks, which has eyed the Indian market for years, has chosen to launch operations in financial and entertainment hub Mumbai.
The firm is entering India in a joint venture with the nation's beverage-to-steel Tata conglomerate, making an initial $78 million investment.
"The store will open October-end," Starbucks' Asia-Pacific and China president John Culver said in a statement, without disclosing a specific date.
Starbucks had aimed for 50 outlets in India by the end of 2012, when it announced the venture in January, but made no mention of that target in its statement yesterday.
Analysts said Starbucks was unlikely to rush into launching its cafes.-Reuters