In a bid to revive their joint venture in India, Food and beverages major PepsiCo and FMCG giant Unilever have re-introduced their global product, 'Lipton Ice Tea' in the country. It has launched two new flavours of the ready-to-drink ice tea, after it was withdrawn around seven years back when the JV entered the country.
A PepsiCo India spokesperson said the JV is re-introducing the product as the current market is favourable for such items, with increasing awareness. In fact, even within ice tea, consumers are increasingly accepting green ice tea as a healthier option, he added.
In 2003, PepsiCo and Unilever formed a global 50:50 joint venture - Pepsi Lipton International - to manufacture and market Lipton Ice Tea variants in 67 countries. The JV entered India in 2004. However, Lipton Ice Tea (LIT) was later withdrawn from the market as the product was "way ahead in those days".
The PepsiCo and HUL decision to relaunch the ice tea comes at a time when rival Coca-Cola introduced ice tea brand 'Nestea' in bottles in partnership with Nestle.