October 19, 2012 8:59 PM

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Starbucks inaugurates first India store in Mumbai

Starbucks inaugurated its first store in India on Friday in a historic building in southern Mumbai as the Seattle-based coffee giant seeks growth in a market long associated with tea drinkers. Chief Executive Howard Schultz said in an interview that it is perhaps their most elegant, beautiful and dynamic store.After over six years of studying the local market, Starbucks is making a rapid-fire entry into Asia's third-largest economy. Coffee houses are still a relatively new trend in India, and the chains already in business, sell cappuccinos and lattes well below Starbucks' usual prices.The company, in a joint venture with Tata Global Beverages, plans to open two additional stores in Mumbai next week before launching in New Delhi early next year.

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