Tata Coffee eyes Vietnam expansion
Tata Coffee recently announced that it will be adding a new freeze-dried coffee plant to its Vietnam operations, prompting a 1.19 percent increase in its share price. The plant will have an installed capacity of 5,000 metric tonnes per annum.
Tata Coffee is aiming to strengthen its growth in the premium instant coffee segment in the region. This year, instant coffee accounted for about 20 percent of the global coffee consumption, with freeze dried coffee representing a significant earner.
The new facility in Vietnam will serve Tata Coffee's global customers with new product mixes of freeze dried coffee.
Tata Coffee's Managing Director Sanjiv Sarin commented that Vietnam offers an attractive business environment alongside its status as the largest Robusta Coffee growing region. He added that the plant will help the company to further expand its global footprint.
Tata coffee's consolidated net profit rose 61.9 percent to Rs 44.65 crore on 8.5 percent decline in net sales to Rs 355.55 crore in Q2 September 2016 over Q2 September 2015.
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SOURCE: [dna India]