The Coca-Cola Company this week said it is exploring a public listing in India of Hindustan Coca-Cola Holdings Pvt. Ltd. (HCCH) — the parent company of its largest bottler in the country — targeting a 2027 market debut, with Rothschild & Co retained to advise on the process.
Initial preparations are underway for listings on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), subject to market conditions and regulatory approvals. The company will also sell a portion of its shareholding in HCCH as part of the process.
India is the fifth-largest market for Coke, growing fast
India is Coca-Cola’s fifth-largest market globally. Coca-Cola India posted a 46.3 per cent rise in consolidated profit to ₹615.03 crore in FY25, while revenue from operations rose 7 per cent to ₹5,042.56 crore. In Q1 2026, Coca-Cola reported global net revenue of $12.5 billion, with India named among the key growth drivers alongside China and the United States.
India’s carbonated soft drink market generated revenues of $15.4 billion in 2025 and is projected to reach $22.4 billion by 2033, growing at a CAGR of 4.8 per cent.
The bottler behind the listing
HCCH is the holding company for Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), established in 1997.
As of March 31, HCCB ran 14 bottling plants across 10 states, served over 1.7 million customers through a network of more than 2,000 distributors, and employed approximately 5,000 people. Its portfolio spans Coca-Cola, Thums Up, Sprite, Fanta, Limca, Maaza, and Minute Maid, among others. HCCB is the market leader in non-alcoholic ready-to-drink beverages in its operating territories.
Jubilant Bhartia’s role
In July 2025, Jubilant Bhartia Group — an Indian family-owned conglomerate with interests in pharmaceuticals, food services, and agri products — acquired a 40% stake in HCCH. The proposed listing is positioned as the completion of HCCH’s refranchising.
“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,” said Sanket Ray, President, India and Southwest Asia, The Coca-Cola Company. “The Coca-Cola Company will stay invested in this important bottler.”
Shyam and Hari Bhartia, Chairman and Co-Chairman of Jubilant Bhartia Group, said the listing would “create value for all shareholders.”
The Coca-Cola Company said further details on issue size and pricing will be announced at a later date.
