Indian coffee group Barista has agreed a joint venture with a Sri Lankan company to kick-start its overseas expansion campaign.
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The 51:49 joint venture will see eight new outlets opened in Sri Lanka over the next few months. “Last week Barista Coffee signed the JV with Jewelex and we plan to open at least two outlets in Sri Lanka by December this year,” Barista Coffee’s executive vice-president (marketing & communications) Sandeep Vyas told PTI.
Barista intends to use the Sri Lankan venture as a launch pad for further international expansion, now that the company is cash positive. The company is itself a joint venture between Indian conglomerate Tata Coffee, Turner Morrison and its employees, which hold stakes of 34.3%, 57.7% and 8% respectively.
At home in India, Barista has started selling Italian food to complement the drinks it sells in its coffee parlours, which are expected to number 270 by the end of next year.
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