Date:31/05/2006 URL: http://www.thehindu.com/2006/05/31/stories/2006053104441600.htm

Business

Tata Coffee to float new venture

Special Correspondent

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.