NEW YORK (AP) — Coffee chain Starbucks Coffee Co. said Thursday that it signed a memorandum of understanding with Tata Coffee Ltd., an Indian coffee bean provider, as it eyes expanding to India.
Starbucks could sell coffee roasted in Tata's India plant, Starbucks said, and the two companies plan to jointly develop Starbucks stores in India.
Tata has supplied beans to Starbucks in the past.
Starbucks hit a slump during the recession but has closed stores, cut jobs and expanded product lines, and its sales have rebounded. Its fiscal 2010 profit was more than double 2009's.
The world's largest coffee seller is looking for growth in several international markets, including China, where it now has 400 stores and plans to open hundreds more in coming years.
Shares rose 13 cents to $32.33 in midday trading.
