CCI approves Kandhari Global Beverages’ US$235.2M deal for HCCB assets 

INDIA – India’s Competition Commission has approved Kandhari Global Beverages’ acquisition of certain assets from Hindustan Coca-Cola Beverages (HCCB) valued at Rs 2,000 crore (US$235.2M).

In a statement, the Competition Commission of India (CCI) confirmed its clearance of the deal between the two Coca-Cola bottlers, which was formulated earlier this year. 

The acquisition covers HCCB’s business operations involved in preparing, packaging, supplying, and distributing non-alcoholic beverages (NAB) products in northern Gujarat and the Union Territory of Diu.  

Kandhari Global Beverages already operates as a supplier and distributor of Coca-Cola products in Rajasthan and maintains factories across Haryana, Punjab, and Himachal Pradesh. 

Managing Director Varinder Pal Singh Kandhari recently indicated the company’s aspirations to expand internationally.  

Speaking to business outlet Mint, he noted that while current opportunities are focused in India, future international ventures may arise through Coca-Cola partnerships. 

The deal comes amid a series of strategic moves by Coca-Cola and its Indian partners. In December, Coca-Cola agreed to sell a 40% stake in Hindustan Coca-Cola Holdings, the owner of HCCB, to Jubilant Bhartia Group.  

Around the same time, HCCB divested its bottling operations in Jharkhand to Moon Beverages and earlier sold operations in three other states to SLMG Beverages, Moon Beverages, and Kandhari Global Beverages. 

Moon Beverages eyes IPO 

Meanwhile, Moon Beverages, a subsidiary of the MMG Group, is preparing for an Initial Public Offering (IPO) to support its growth ambitions.  

Vice Chairman Anant Agarwal stated that the company aims to double its revenue over the next three to four years. This expansion will be fueled by investments in production capacity, new bottling plants, and increased market presence. 

The company has invested more than Rs 4,000 crore (US$470.5M) into its operations to date. Two new plants in Guwahati, Assam, and Rourkela, Odisha, are expected to raise bottling capacity by 7,000 bottles per minute, supplementing the current capacity of 10,000 bottles per minute across five plants. 

Moon Beverages recently expanded its footprint by acquiring bottling operations in Jharkhand from HCCB, strengthening its presence in Delhi NCR, western Uttar Pradesh, West Bengal, Jharkhand, and northeastern states.  

The company has primarily grown through acquisitions, including operations in western Uttar Pradesh in 2020, and remains open to further regional and international expansion opportunities in partnership with Coca-Cola. 

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