CCI approves Jubilant Bhartia Group’s acquisition of 40% stake in Hindustan Coca-Cola Holdings
The approval paves the way for major restructuring within Coca-Cola’s Indian bottling operations amid rising local investments.
INDIA – India’s Jubilant Bhartia Group has received clearance from the Competition Commission of India (CCI) to acquire a 40% stake in Hindustan Coca-Cola Holdings (HCCB).
The stake will be acquired through Jubilant Beverages Limited, the group’s beverage arm, from Hindustan Coca-Cola Overseas Holdings and Bharat Coca-Cola Overseas Holdings.
The acquisition agreement was originally reached in December, although financial terms were not officially disclosed.
Indian media sources have estimated the deal’s value between Rs 100 billion (US$1.18 billion) and Rs 125 billion (US$1.47 billion). The Coca-Cola Company described the deal as a strategic move to bolster its presence in India.
Sanket Ray, President of Coca-Cola’s India and Southwest Asia business unit, said at the time that the partnership would accelerate the Coca-Cola system’s growth and help deliver greater market value.
HCCB, headquartered in Bangalore, Karnataka, manages Coca-Cola’s bottling operations across 12 states and 236 districts in South and West India. It operates 13 manufacturing plants and distributes 37 products under eight brands, including Coca-Cola, Thums Up, and Sprite.
In addition to this transaction, HCCB recently agreed to divest its bottling operations in Jharkhand to Moon Beverages.
The company stated the move was part of a broader strategy to align investments with growth priorities and achieve scale and operational continuity.
Separately, the CCI also approved Kandhari Global Beverages’ acquisition of HCCB assets valued at Rs 2,000 crore (US$235.2 million).
The deal includes operations in northern Gujarat and the Union Territory of Diu. Kandhari Global currently distributes Coca-Cola products in Rajasthan and operates production facilities in Haryana, Punjab, and Himachal Pradesh.
Coca-Cola India
In the first quarter 2025, Coca-Cola showcased continued momentum across global markets with India emerging as a key growth driver.
The company reported a two per cent year-on-year increase in unit case volume, primarily led by strong performances in India, China and Brazil.
In the Indian market, Coca-Cola experienced double-digit volume growth during the quarter, fuelled by strong consumer demand for trademark Coca-Cola products and Thums Up, a regional brand that continues to resonate with local consumers.
The company’s strategic restructuring of its Indian operations continued from last year, with Coca-Cola refranchising bottling operations in certain territories across India during January and February 2025, following similar moves in December 2024.
These refranchising efforts in India generated significant financial gains, with the company recording net gains of US$293 million during the first quarter of 2024, despite incurring US$7 million in related transaction costs.
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