Coca-Cola announced it is exploring a potential initial public offering in India for its largest bottler, Hindustan Coca-Cola Holdings. The beverage giant is preparing to list the unit on the BSE and the National Stock Exchange in 2027 and is considering the sale of a portion of its stake in the company.
The company currently holds a 60% stake in Hindustan Coca-Cola Holdings. This ownership structure was solidified after the Indian conglomerate Jubilant Bhartia Group completed its purchase of a 40% stake in the bottler in 2025.
Hindustan Coca-Cola Holdings was established in 1997. It operates 14 bottling plants across 10 states in India and is responsible for packaging, distributing, and selling beverages including Coca-Cola, Thums Up, Sprite, and Fanta.
“The Coca-Cola Company will stay invested in this important bottler and focus on growing our portfolio of global and local brands in India,” said Sanket Ray, Coca-Cola president for India and Southwest Asia and emerging large markets lead.
Coca-Cola considers India a major growth market. The company reported sales of 50 billion rupees ($526.37 million) in the 2024-25 fiscal year, its highest since at least 2021. The drinks giant faces competition in the market from Reliance’s consumer-product brand Campa Cola.
Bloomberg News reported last year that an IPO could value the Coca-Cola bottling unit at $10 billion. Coca-Cola has retained Rothschild to act as an advisor on the potential listing.
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