Coca-Cola announces plans to list its largest bottler Hindustan Coca-Cola Holdings

Synopsis

Coca-Cola is exploring a public listing in India for the parent company of its largest bottler, Hindustan Coca-Cola Holdings (HCCH), with a potential 2027 debut on Indian stock exchanges. This move aims to complete the refranchising of HCCH and position it for growth in the Indian market. The company has appointed Rothschild & Co to advise on the listing.

Coca‑Cola Company is exploring a public listing in India for Hindustan Coca‑Cola Holdings Pvt Ltd (HCCH), parent company of its largest bottler in India Hindustan Coca‑Cola Beverages (HCCB), the Atlanta-based beverages maker announced early Tuesday.

The maker of Coke and Sprite sparkling drinks and Minute Maid juices said in a statement that the potential listing is expected in 2027, with the sale of a portion of its shareholding in HCCH in connection with the listing.

Coca-Cola currently owns 60% of HCCH after selling a 40% stake to the Jubilant Bhartia Group in July 2025.

“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 statement said.

The company said the potential listing “will be a significant milestone, completing the refranchising of HCCH and positioning it well to capitalise on the opportunities in the Indian market.”

Sanket Ray, president, India and Southwest Asia and Emerging Large Markets Lead for The Coca‑Cola Company, called the move “another important step for HCCB. Following the listing, the bottler will be well placed to continue to pursue growth.”

HCCH, and its operating subsidiary HCCB, established in 1997, operated a network of over 2,000 distributors and reached over 1.7 million customers, as on March 31, 2026. The company has an employee base of 5,000, and operates 14 bottling plants in addition to eight co-packers.

The Coca‑Cola Company has retained Rothschild & Co to advise on the listing, it said, adding that “further details about the potential listing will be announced at a later date.”

Rival PepsiCo’s bottling operator Varun Beverages Ltd (VBL) had made its listing debut in November 2016.

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