The Jubilant Bhartia Group is set to acquire a 40% stake in Hindustan Coca-Cola Holdings (HCCH), the parent company of Hindustan Coca-Cola Beverages (HCCB), Coca-Cola's largest bottler in India. The deal, valued between ₹12,000 crore and ₹12,500 crore, marks a significant development in India's food and beverage industry. Jubilant Beverages Ltd, a subsidiary of the Jubilant Bhartia Group, will be the entity through which the stake acquisition will occur.
HCCB operates 13 factories and serves 236 districts across 12 states in South and West India. The Coca-Cola Company views this deal as a long-term strategic move, aiming to partner with a group possessing strong capabilities in running reputable businesses within India.
Shyam S. Bhartia, founder and chairman, and Hari S. Bhartia, founder and co-chairman of the Jubilant Bhartia Group, stated that the acquisition underscores their confidence in the long-term growth potential of India's food and beverage sector. They believe that their understanding of the Indian market, combined with The Coca-Cola Company's global perspective, will enhance HCCB's value and accelerate its growth. The founders also noted that this acquisition aligns with their strategic intent to expand and diversify into high-growth industries.
To finance this acquisition, the Jubilant Bhartia Group is raising funds through a combination of stake sales in its listed entities and divestment of non-core assets. The group is reportedly aiming to raise approximately ₹2,000 crore by selling minority stakes in its publicly traded companies. This move complements the $600 million (approximately ₹5,100 crore) already secured from Goldman Sachs Asset Management to facilitate the HCCB deal. It is expected that the Bhartia family will sell around 6% of Jubilant Ingrevia, 3% of Jubilant Pharmova, and 2% of Jubilant FoodWorks, although these figures are subject to market conditions and investor interest.
The Competition Commission of India approved the deal on May 1st, paving the way for its completion. The acquisition values Coca-Cola's local bottling arm, HCCB, at an enterprise value of ₹31,250 crore, including debt.
In related news, Hemant Rupani has been appointed as the new Chief Executive Officer of Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), effective September 8, 2025. Rupani, who is currently the Business Unit President for Southeast Asia at Mondelez International Inc, succeeds Juan Pablo Rodriguez, who is taking on a new role within the Coca-Cola system.
