NEW DELHI: RIL’s Reliance Brands is all set to take on Tata Group-operated Starbucks and new entrant Canadian coffee chain Tim Hortons with the launch of the first store of British sandwich and coffee chain ‘Pret A Manger’ in India on Friday.
The maiden store is being launched in Maker Maxity, Mumbai and according to Reliance, this will be the first of many shops set to open later this year. Besides the big players, companies such as Blue Tokai and Third Wave Coffee have also expanded rapidly in the big cities of India as more Indians have started to queue for coffee in the predominantly ‘tea’ population. Currently, Tata Starbucks, the most established player in the space, has 275 stores across 30 cities.
“Our partnership with Pret A Manger aims to tap into this curiosity with an offering that we can proudly say - ensures traceability of coffee beans as much as a zero additive approach to food,” said Darshan Mehta, MD, Reliance Brands Limited. Pret A Manger, which started in 1986 in London, now operates around 550 shops across countries.
Jio net profit rises 13% to Rs 4,716 crore in fourth quarter
NEW DELHI: The country’s biggest telecom operator Reliance Jio on Friday reported a 13% jump in net profit to Rs 4,716 crore for the fourth quarter of financial year 2022-2023 (FY23), the company said in a regulatory filing. The company had reported a net profit of Rs 4,173 crore in the same period a year ago. Revenue from operations in the reported quarter rose by about 12% to Rs 23,394 crore from Rs 20,945 crore in the March 2022 quarter.