Atlanta: The Coca-Cola Company has announced that it is exploring a potential public listing in India of Hindustan Coca-Cola Holdings Pvt. Ltd. (HCCH), the parent company of its largest bottler in the country, Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB).
The proposed move could see Hindustan Coca-Cola Holdings listed in 2027, alongside the sale of a portion of The Coca-Cola Company’s shareholding in HCCH as part of the offering.
Initial preparations for the potential listing of Hindustan Coca-Cola Holdings are currently underway.
The company said it is evaluating a possible listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), subject to market conditions as well as applicable regulatory and other approvals.
The proposed public market debut of Hindustan Coca-Cola Holdings follows a significant ownership transaction completed in July 2025.
At that time, Jubilant Bhartia Group, an Indian family-owned conglomerate with interests across multiple sectors and longstanding relationships with multinational corporations, acquired a 40% stake in HCCH.
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According to The Coca-Cola Company, the potential public listing of Hindustan Coca-Cola Holdings would represent a major milestone in the company’s refranchising strategy.
The move is expected to complete the refranchising of HCCH while positioning the bottling business to capitalize on growth opportunities in the Indian market.
“This announcement is another important step for HCCB,” said Sanket Ray, president, India and Southwest Asia and Emerging Large Markets Lead for The Coca-Cola Company.
“Under the leadership of our trusted partners in Jubilant Bhartia Group, following the listing the bottler will be well placed to continue to pursue growth.
The Coca-Cola Company will stay invested in this important bottler and focus on growing our portfolio of global and local brands in India.”
Chairman and Co-Chairman of Jubilant Bhartia Group, Shyam and Hari Bhartia, said: “We are excited to take this next important step in the bottler’s journey and reap the benefits of the public listing to create value for all shareholders. Equally, we are looking forward to continuing to work with The Coca-Cola Company, as an important shareholder in the company.”
Founded in 1997, Hindustan Coca-Cola Holdings and its operating subsidiary HCCB have established a significant presence across India.
As of March 31, the company operated through a network of more than 2,000 distributors and served over 1.7 million customers with the support of approximately 5,000 employees.
Hindustan Coca-Cola Holdings, through HCCB, operates 14 bottling plants across 10 Indian states and collaborates with eight co-packers.
The company manufactures, packages, distributes and sells a wide portfolio of sparkling and still beverage brands.
Its portfolio includes Coca-Cola, Thums Up, Sprite, Fanta, Limca, Maaza, Minute Maid and several other beverages. HCCB is the market leader in non-alcoholic ready-to-drink beverages across the territories in which it operates.
To support preparations for the proposed transaction, The Coca-Cola Company has appointed Rothschild & Co as its advisor for the potential listing of Hindustan Coca-Cola Holdings.
The company stated that additional details regarding the potential listing of Hindustan Coca-Cola Holdings will be announced at a later date.
