Tata Dismisses Reports Around Starbucks’ Exit From India As “Baseless”

Fri Dec 20 07:01:37 UTC 2024: ## Tata Consumer Products Denies Rumors of Starbucks Exit from India

**MUMBAI, INDIA – December 27, 2024** – Tata Consumer Products has issued a strong denial of reports claiming Starbucks will be leaving the Indian market. The company categorically dismissed the claims as “baseless” in a letter to the National Stock Exchange of India, BSE Limited, and The Calcutta Stock Exchange. The denial follows a media report suggesting the coffee giant’s departure due to high operating costs and low profitability.

The clarification comes just days after a Reuters report stated that Tata Consumer Products, which operates Starbucks in India through a joint venture with Starbucks Coffee Company, would be scaling back its short-term expansion plans due to decreased customer traffic. While acknowledging near-term pressure and adjusting its immediate store opening strategy, CEO Sunil D’Souza reaffirmed the joint venture’s commitment to achieving its long-term goals by 2028.

Starbucks entered the Indian market in October 2012. Tata Consumer Products’ statement emphasizes the continued viability of the partnership despite recent challenges.