Tata Global Beverages Ltd, formerly Tata Tea, is looking at innovations in teas for future growth, its chairman Cyrus Mistry said.
Responding to shareholders' queries at the company's AGM here today, he said that the company would take the route of innovations 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, is also focussing on this portfolio.
"Now our water portfolio constitutes 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 are several varieties within the tea and coffee segments which are still unexplored. "We need to look into these," he said.
Regarding Starbucks, Mistry said that 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.
