"More details will only be available once the definitive agreements for the joint venture are finalised and executed, which is expected to be done over the next few months," they said in a statement issued on Friday in New Delhi.
The joint venture "for healthy beverages" will be in the area of non-carbonated ready-to-drink beverages, "focused on health and enhanced wellness".
The transaction must be approved by the shareholders and executive boards of the two companies, as well as by authorities.
Tata Tea, a subsidiary of conglomerate Tata, is the world's second leading tea purveyor.
PepsiCo entered India in 1989 and has become the country's largest-selling food and beverage business.
Source: AFP
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