The board of directors of Tata Coffee, which met today, approved a proposal to float a joint venture with Beeyu Overseas for marketing instant coffee products in the international market.According to a release issued by Tata Coffee to the BSE today, the marketing of instant coffee products would be done thorugh Alliance Coffee in which the company will hold a majority stake.The meeting also recommended a dividend of Rs 6.50 per share for the year ended March 31, 2006.The term of M H Ashraff as managing director has been extended up to March 31, 2007, the release added.Tata Coffee's net profit is down 29.19% at Rs 8.15 crore for the fourth quarter (Q4) of financial year (FY) 2005-06 as compared to Rs 11.35 crore in Q4FY05. Net sales of the company were up 1.17% at Rs 61.30 crore for the fourth quarter of FY06 as compared to Rs 60.59 crore in Q4FY05. EPS was also down for Q4FY06 at Rs 6.54 as compared to Rs 9.11 during Q4FY05.
