Coca-Cola to Consider Listing Indian Bottling Business by 2027

Coca-Cola Explores Potential Public Offering of Hindustan Coca-Cola Holdings Pvt Ltd in India by 2027

Beverage giant Coca-Cola announced on June 2 that it is exploring a potential public offering in India of Hindustan Coca-Cola Holdings Pvt Ltd (HCCH), the parent company of its largest bottler in the country, by 2027. The company is examining the sale of a portion of its shareholding in HCCH, the parent company of Hindustan Coca-Cola Beverages Pvt Ltd (HCCB), in connection with the listing.

According to Coca-Cola, initial preparations are underway for a potential listing on the Bombay Stock Exchange and National Stock Exchange of India, subject to market conditions and applicable regulatory and other approvals. The potential listing will be a significant milestone, completing the refranchising of HCCH and positioning it well to capitalize on the opportunities in the Indian market.

The Coca-Cola Company holds 60 percent in HCCH after Jubilant Bhartia Group completed the purchase of a 40 percent stake in the bottler in 2025. This move positions the company for future growth in the Indian market, with the Coca-Cola Company committed to staying invested in the bottler and focusing on growing its portfolio of global and local brands in India.

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The bottler, Hindustan Coca-Cola Beverages Pvt Ltd (HCCB), was established in 1997 and operates 14 bottling plants across 10 states. It packages, distributes, and sells beverages, including Coca-Cola, Thums Up, Sprite, and Fanta. Coca-Cola counts India as a major growth market, with the country reporting sales of 50 billion rupees ($526.37 million) in 2024-25, its highest since at least 2021.

Coca-Cola has retained Rothschild to advise on the listing, which is expected to be a significant step forward for the company in the Indian market. With the potential listing by 2027, Coca-Cola is poised to capitalize on the growth opportunities in the country and solidify its position as a major player in the Indian beverage market.