Coca-Cola explores Mumbai IPO for India bottling arm, signals deeper push into high-growth market

The Coca-Cola Company said on Monday it is exploring a potential initial public offering (IPO) in India for its bottling holding entity, Hindustan Coca-Cola Beverages, in a move that underscores the company’s deepening focus on one of its fastest-growing markets.

The company said it is preparing for a listing on the Bombay Stock Exchange and the National Stock Exchange of India next year, while also considering the sale of a portion of its shareholding in the unit as part of the transaction.

The proposed listing would mark a major milestone in the refranchising of Coca-Cola’s India bottling operations, which have been steadily restructured over recent years to bring in local partners and unlock value.

Indian conglomerate Jubilant Bhartia Group completed the acquisition of a 40 per cent stake in Hindustan Coca-Cola Beverages last year, strengthening its position as a key operating partner in the bottling ecosystem.

More from Business

Bloomberg News had previously reported that a potential listing could value the bottling business at around $10 billion.

Founded in 1997, Hindustan Coca-Cola Beverages operates as Coca-Cola’s largest bottling network in India, with extensive distribution reach across millions of retail outlets.