Tata Coffee to float new venture

The Hindu - May 31, 2006
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.