RJ Corp, TWG Tea to set up luxury tea parlours
RJ Corp group company Devyani International Ltd (DIL) had acquired retail and distribution rights for TWG for the Indian and UK markets over a year back.
RJ Corp group company Devyani International Ltd (DIL) had acquired retail and distribution rights for TWG for the Indian and UK markets over a year back.
Industry insiders view this deal as a precursor to the beverages and snacks maker divesting its capital-intensive business nationally to franchisees.
While RJ Corp's association with PepsiCo is limited to beverages, its snacks brand was in direct competition with PepsiCo's Kurkure.
“Our snack brand is priced at the entry level and will not compete with PepsiCo’s value-added products,” an RJ Corp spokesperson told.
A statement issued by RJ Corp said the IPO will entail sale of up to 2.5 crore shares of Rs 10 each, including fresh issue of 1.5 crore shares.
RJ Corp has an existing agreement with British cafe chain Costa Coffee. The average cost of setting up an outlet would be Rs 10 crore, Jaipuria said.
RJ Corp, promoted by PepsiCo’s bottling partner and diversified entrepreneur Ravi Jaipuria, is venturing into the retail business.
At a time when sales of soft drinks are slowing down, PepsiCo India is also facing an HR challenge. Several executives in charge of key functions left the company recently while a few others are waiting in the wings, said people familiar with the matter, citing the frequent restructuring in the Indian subsidiary of the New York-based food and beverage giant.
SoftAge, which has operations in 25 states and 500 cities, will offer the services to customers at half the price compared with other established players, the release said.
iClinic, which has a clutch of investors besides Mukerji and Berry, was set up in 2012 with the business model of offering healthcare to people in tier II and III cities.