Kandhari Global expands Coca-Cola bottling network with acquisition of Wave Beverages operations 

INDIA – Kandhari Global Beverages has acquired the bottling operations of Wave Beverages, further consolidating its position as a major independent Coca-Cola bottling partner in India. 

Though the financial terms were not officially disclosed, The Economic Times reported the deal to be valued at approximately Rs 10 billion (US$116.3 million), citing unnamed sources.  

The acquisition significantly expands Kandhari Global’s operational reach in the Indian states of Punjab and Himachal Pradesh. 

In a company statement, Kandhari Global said the deal would enable it to better serve regional markets and enhance distribution efficiency for Coca-Cola’s product portfolio.

“Together, these steps reflect our aggressive growth strategy and our confidence in the resilience and potential of the Indian beverage market,” the statement said. 

Wave Beverages, a unit of the Noida-based Wave Group, had operated as an independent Coca-Cola bottler. The acquisition reportedly marks a near-complete exit of Wave Group from Coca-Cola’s bottling business.  

“The move consolidates Coca-Cola’s independent bottling structure,” a source quoted by The Economic Times said. 

This is the second major acquisition by Kandhari Global in under a year. In February, the company purchased Coca-Cola’s North Gujarat bottling operations from Hindustan Coca-Cola Beverages (HCCB) for around Rs 2,000 crore (US$235.2 million). HCCB is Coca-Cola’s bottling arm in India. 

In December, Coca-Cola divested 40% of its stake in HCCB to the Jubilant Bhartia Group for Rs 12,500 crore (US$1.47 billion), furthering its strategy to decentralize operations through regional franchise bottlers.  

Coca-Cola’s remaining bottling operations in India are now handled by 10 franchise partners, including Kandhari Global, Moon Beverages, and SLMG Beverages. 

Kandhari Global already manages Coca-Cola bottling in Jammu & Kashmir, Haryana, most of Punjab, Himachal Pradesh, Rajasthan, North Gujarat, and parts of Delhi. With the latest acquisition, the company has become one of Coca-Cola’s top two independent bottling partners in India. 

Despite a challenging summer marked by unseasonal rains and lower beverage demand, Kandhari remains optimistic about growth.  

According to ICRIER, India’s beverages industry is expected to grow from Rs 67,000 crore in 2024 to Rs 1.47 lakh crore by 2030. 

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