The Coca-Cola Company announced that it is exploring a public listing of Hindustan Coca-Cola Holdings Pvt. Ltd. (HCCH) in India in 2027 and intends to sell a portion of its shareholding as part of the transaction.
HCCH is the holding company for Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), the largest Coca-Cola bottler in India. The potential listing is targeted for the BSE and NSE, subject to market conditions and regulatory approvals. Coca-Cola has retained Rothschild & Co as adviser on the transaction.
The announcement is the next chapter in a restructuring of India's largest non-alcoholic ready-to-drink beverages business that began in December 2024, when Coca-Cola agreed to sell a 40 per cent stake in HCCH to the Jubilant Bhartia Group, the Indian conglomerate that also runs Domino's Pizza in India.
That deal closed in July 2025 at approximately ₹11,704 crore. Following the listing, Coca-Cola will retain a significant stake, while the Jubilant Bhartia Group holds the remaining 40 per cent.
"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, India president for The Coca-Cola Company.
Shyam and Hari Bhartia, Chairman and Co-Chairman of the Jubilant Bhartia Group, welcomed the planned listing in the official release.
HCCB was established in 1997, and it now runs 14 bottling plants across 10 Indian states, works with eight co-packers, employs approximately 5,000 people, serves over 1.7 million customers through a network of more than 2,000 distributors, and is the market leader in non-alcoholic ready-to-drink beverages in its territory.
The IPO is expected to value the company at around $10 billion and could raise approximately $1 billion, according to analysts.
This could be one of the largest consumer-sector listings in recent years and a direct bet on India's fast-growing beverages market, where Coca-Cola faces stiffening competition from Reliance's Campa Cola and homegrown brands.
