Starbucks says India operations fastest growing in its history

With 40 stores in 17 months of its operations, India is the fastest growing market in the history of the Seattle-based iconic American coffee chain Starbucks, according to a company statement.

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.

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"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 meet.

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

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

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Starbucks chairman, president and chief executive Howard Schultz told shareholders that 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 2013.

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 2013.