The Coca-Cola Company has informed investors it is exploring a possible public listing in India in 2027 for Hindustan Coca-Cola Holdings Pvt. Ltd. (HCCH), the holding company of its largest local bottler. The plan includes the sale of a portion of The Coca-Cola Company’s shareholding in HCCH, with formal steps already in initial preparation.
Company officials said the potential offering would target both the Bombay Stock Exchange and the National Stock Exchange of India. Executing the listing is conditional on suitable market conditions and the receipt of necessary regulatory approvals.
HCCH is the parent of Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), which operates as Coca-Cola’s largest bottler in India. In July 2025, Jubilant Bhartia Group acquired a 40% stake in HCCH. The Coca-Cola Company has engaged Rothschild & Co to advise on the possible listing.
Established in 1997, HCCH and its operating subsidiary HCCB run an extensive distribution and production network. As of March 31, the bottler maintained a network of more than 2,000 distributors and served in excess of 1.7 million customers, supported by about 5,000 employees. HCCB’s manufacturing footprint includes 14 bottling plants across 10 states in India and it operates with eight co-packers.
The bottler prepares, packages, distributes and sells a portfolio of beverages, including Coca-Cola, Thums Up, Sprite, Fanta, Limca, Maaza and Minute Maid. The company describes itself as the market leader in non-alcoholic ready-to-drink beverages within its operating territory.
Company leadership commented on the potential transaction. "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 and Emerging Large Markets Lead for The Coca-Cola Company.
Shyam and Hari Bhartia, Chairman and Co-Chairman of Jubilant Bhartia Group, said they are looking forward to the public listing to create value for all shareholders. The company stated that further particulars about the potential listing will be announced at a later date.
The proposal, as described by the company, is at an exploratory stage: advisors are in place and preparatory work has begun, but the timing, structure and final scope remain subject to market and regulatory developments. Additional announcements will follow as decisions are finalized.