Coca-Cola is exploring a public listing of Hindustan Coca-Cola Holdings Pvt Ltd (HCCH), the parent company of its Indian bottling business, in 2027 and may sell a portion of its stake as part of the process, marking a key step in its global asset-light strategy.
The US-based beverage giant said initial preparations are underway for a potential listing of HCCH on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), subject to market conditions and regulatory approvals.
"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 company said in a statement.
The move comes nearly a year after Coca-Cola sold a 40 per cent stake in HCCH to the Jubilant Bhartia Group, although the financial details of the transaction have not been disclosed.
In a global statement, The Coca-Cola Company said: "It is exploring a potential public listing in India of HCCH, the parent company of the largest Coca-Cola bottler in India, Hindustan Coca-Cola Beverages Pvt Ltd (HCCB), in 2027, and the sale of a portion of its shareholding in HCCH in connection with the listing."
The company added: "This potential listing of HCCH will be a significant milestone, completing the refranchising of HCCH and positioning it well to capitalise on the opportunities in the Indian market."
The proposed listing aligns with Coca-Cola's broader strategy of reducing direct ownership of bottling operations and adopting an asset-light business model globally.
India is currently Coca-Cola's fifth-largest market worldwide and remains a key growth driver for the company.
As part of its refranchising efforts, Coca-Cola transferred bottling operations in Rajasthan, Bihar, the Northeast and parts of West Bengal to existing bottling partners in 2024. The company realised USD 290 million (around Rs 2,420 crore) from the exercise.
The bottling franchises were awarded to Kandhari Global Beverages, SLMG Beverages and Moon Beverages.
Coca-Cola operates in India through two entities — Coca-Cola India and Hindustan Coca-Cola Beverages Pvt Ltd (HCCB).
Founded in 1997, HCCB runs 14 bottling plants across the country. Headquartered in Bengaluru, the company operates across 10 states and 236 districts in southern and western India. Its portfolio includes 37 products across eight categories, including Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, SmartWater, Kinley, Limca and Fanta.