Starbucks Corp , the world's largest coffee chain, has signed a pact with India's Tata Coffee Ltd to explore the possibility of opening retail stores in India, the two companies said in a statement.

The agreement, which also allows Starbucks to source beans from Tata's plant in southern India, will be Starbucks' first step to entering Asia's third-largest economy, Starbucks Chief Executive Howard Schultz said in the statement.

The two companies will also consider jointly investing in additional facilities for exports to other markets, they said.