PepsiCo to Explore Joint Venture with Tata Tea

India-based Tata Tea Ltd has informed the Bombay Stock Exchange that the company’s board has approved a non-binding Memorandum of Understanding with PepsiCo Inc. with the intention of exploring the formation of a joint venture in the area of non-carbonated ready-to-drink beverages, focused on health and enhanced wellness.

Definitive agreements for the joint venture are expected to be finalized over the next few months. The proposed joint venture is not intended to conflict with any existing arrangements of the parties. The transaction will be subject to corporate and statutory approvals as may be required.