Re Joint Venture

We are pleased to announce that the Board of Tata Global Beverages Ltd. approved a Memorandum of Understanding signed with Kerala Ayurveda Limited, with the intention of exploring the formation of a Joint Venture for focusing on development of a range of Beverage and Food products based on proven Ayurvedic recipes, actives and formulations for the Global market where there is world-wide recognition of the benefits of Ayurveda for good health and wellness. Definitive agreements are expected to be finalized over the next few months. The transaction will be subject to corporate and statutory approvals as may be required. The proposed joint venture is not intended to conflict with any existing arrangements of either party.