Bangalore, Sept. 24 - India's Tata Group is in talks with Britain-based speciality tea firm Liberty Tea to expand its share of the global beverages market, the Economic Times reported on Monday, quoting group sources. The discussions are at an initial stage and Tata Tea Ltd , the world's second-biggest branded tea firm, is examining the synergies that an acquisition could bring to Tata's current presence in Britain, the newspaper said.
A spokesman for the Tata Group, which has diverse interests including steel and cars, could not immediately respond to the report.
Tata Tea, which acquired Britain's Tetley for $432 million in 2000, has been expanding its overseas presence and buying herbal and fruit tea brands in the United States and eastern Europe to boost its market presence.
In June, Tata Tea said it would buy almost 26 percent of Mount Everest Mineral Water Ltd and make an open offer for another 20 percent in a deal it said was worth up to 2.1 billion rupees ($52.8 million).
The deal for a controlling stake was announced one week after Tata Tea said it would receive about $1.2 billion for selling its 30 percent stake in U.S. vitamin water maker Glaceau to Coca-Cola Co.