PepsiCo, India’s Tata Tea in joint-venture talks

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

NEW YORK, April 12, 2010 (AFP) – US soft-drinks and snacks giant PepsiCo and India’s Tata Tea will explore the formation of a joint venture in “healthy” non-carbonated beverages, the companies said in a statement received Monday. “More details will only be available once the definitive agreements for the joint venture are finalized and executed, which is expected to be done over the next few months,” they said in a statement issued Friday in New Delhi.

The joint venture “for healthy beverages” will be in the area of non-carbonated ready-to-drink beverages, “focused on health and enhanced wellness.”

The transaction must be approved by the shareholders and executive boards of the two companies, as well as by authorities.

Tata Tea, a subsidiary of conglomerate Tata, is the world’s second leading tea purveyor.

PepsiCo entered India in 1989 and has become the country’s largest-selling food and beverage business.