Tata Coffee Ltd has decided to form a joint venture with tea firm Beeyu Overseas Ltd for marketing and sale of the company's instant coffee products in the international market.
At a meeting held on Tuesday, the board approved the proposal for forging the joint venture company, Alliance Coffee Ltd, in which Tata Coffee would hold a majority stake, it informed the Bombay Stock Exchange.
The board also recommended a dividend of Rs 6.50 per share of Rs 10 each (65 per cent) for the year ended March 31, 2006.
The company would seek shareholders approval at the forthcoming AGM for increasing the authorised capital to Rs 25 crore (Rs 250 million) from Rs 20 crore (Rs 200 million).
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