Tata Consumer Products Ltd. had on Thursday termed reports suggesting that the cafe chain Starbucks is planning to exit the Indian market as 'baseless'.

Tata Starbucks refuted exit rumors, reaffirming its commitment to India's growing coffee market. Despite widening losses to ₹79.97 crore in FY24 due to expansion, the 50:50 joint venture with Tata Consumer Products Ltd.

Tata in a 50:50 joint venture with US-based Starbucks Corporation operates a cafe chain in India under the brand name of Starbucks, which is the leading cafe chain in India. Starbucks had 457 stores across 70 cities at September-end and the company aims to ...

Titled "Starbucks to Exit India Due to High Costs, Bad Taste, and Mounting Losses," the report speculated that Starbucks could soon leave India due to heavy losses courtesy of price-conscious Indian consumers preferring cheaper local substitutes, Hindustan Times reported.

Rumours have been circulating about Tata Starbucks JV shutting down operations in India due to rising losses and high operating costs.

India's Tata Consumer Products "will calibrate" its plans to open Starbucks stores in the near term at a time when fewer customers are walking into its cafes in the world's most populous country, its top boss said on Monday.

Tata Starbucks refuted exit rumors, reaffirming its commitment to India's growing coffee market. Despite widening losses to ₹79.97 crore in FY24 due to expansion, the 50:50 joint venture with Tata Consumer Products Ltd.