Starbucks says India operations fastest growing in history

With 40 stores in 17 months of its operations, Starbucks hash said India is the fastest growing market in the history of the Seattle-based iconic American coffee chain.

The US-based coffee chain, which had sewed up an equal joint venture with Tata Global Beverages, opened its first outlet in Mumbai in October 2012.

"With 40 stores in four cities (in 17 months) and nearly 1,000 partners, India is the fastest growing market in Starbucks history," Tata-Starbucks chief executive Avani Davda was quoted as telling Starbucks annual shareholders meeting.

At present, Tata Starbucks has presence in Mumbai, Delhi, Pune and Bangalore and has its coffee plantations in the Coorg area of Karnataka.

Globally, it operates over 20,000 stores across 64 countries, serving over 70 million customers per week.

The company would continue to reinforce the ongoing investments in 200,000 Starbucks partners (employees), including $250 million in their healthcare benefits and $234 million in bean stock in fiscal year 2013, Starbucks chairman, president and chief executive Howard Schultz told shareholders.

He said the company recorded record revenue of $14.9 billion, up 12 per cent and record earnings per share of $2.261, up 26 per cent, taking its net profit to $2.5 billion, a rise of 23 per cent in fiscal year 2013.