The Coca-Cola Company has announced plans to explore a public listing in India for Hindustan Coca-Cola Holdings Pvt (HCCH), the parent company of its largest Indian bottler, Hindustan Coca-Cola Beverages Pvt (HCCB), with a potential initial public offering targeted for 2027.
The company is also considering selling a portion of its shareholding in HCCH as part of the proposed listing process. Initial preparations have begun for a possible listing on the Bombay Stock Exchange and the National Stock Exchange of India, subject to regulatory approvals and market conditions.
The move follows a transaction completed in July 2025 in which Jubilant Bhartia Group acquired a 40% stake in HCCH. Coca-Cola said the potential listing would mark a major step in completing the refranchising of HCCH and support future growth opportunities in the Indian market.
Rothschild & Co appointed as adviser
Atlanta-headquartered The Coca-Cola Company said initial work is underway for a potential public listing of HCCH, the holding company that controls HCCB, its largest bottling operation in India.
The Coca-Cola Company said it has appointed Rothschild & Co to advise on the proposed listing.
The company added that further details regarding the potential public offering will be announced at a later date.
Coca-Cola, Jubilant Bhartia comment on proposed bottling business IPO
Sanket Ray, president, India and Southwest Asia, and Emerging Large Markets Lead for The Coca-Cola Company, said, “This announcement is another important step for HCCB. Under the leadership of our trusted partners in the 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.”
Shyam Bhartia and Hari Bhartia, Chairman and Co-Chairman of Jubilant Bhartia Group, 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.”
Coca-Cola’s distribution network in India
HCCH and its operating subsidiary HCCB were established in 1997. As of March 31, the business operated a network of more than 2,000 distributors and served more than 1.7 million customers with approximately 5,000 employees.
HCCB runs 14 bottling plants across 10 Indian states and works with eight co-packers. The company manufactures, packages, distributes and sells a range of sparkling and still beverages including Coca-Cola, Thums Up, Sprite, Fanta, Limca, Maaza and Minute Maid.
According to the company, HCCB is the market leader in non-alcoholic ready-to-drink beverages within the territories where it operates.
Conclusion
The proposed HCCH listing would be one of the most significant developments for Coca-Cola’s India bottling business in recent years, following Jubilant Bhartia Group’s acquisition of a 40% stake in 2025. While the company is targeting a potential listing in 2027, the process remains subject to regulatory approvals and market conditions, with additional details expected in the future.