TGBL looking at functional teas for growth

Tata Global Beverages Ltd (TGBL), formerly Tata Tea, is looking at functional teas for future growth, its chairman Cyrus Mistry said.
"We are looking at functional teas for the company's future growth," Mistry told shareholders at the company's AGM here today when asked whether the company plans to launch products for people with diabetes and cardiac problems.
Responding to shareholders' queries, he said the company would take the route of innovation and optimal procurement methods to contain the volatility of tea prices.
"Tea prices are volatile. We are looking at innovations and right procurement methods to contain this volatility", Mistry said.

The company, which entered the packaged drinking water segment with the acquisition of Mount Everest Mineral Water Ltd, was also focusing on this portfolio.
"Now our water portfolio constitute only one per cent of the total turnover. Our target is to take that to 10 per cent and to make the business profitable," he said.

Mistry said there were several varieties within the tea and coffee segments which are still unexplored. "We need to look into these varieties," he said.
Regarding Starbucks, Mistry said there were 53 stores at the moment in Mumbai, Pune, Bangalore, Chennai, Gurgaon and Delhi and growing.

"We will push the Starbucks management to open a similar store in Kolkata," he said.