Coca-Cola CEO to visit India ahead of HCCH $1-billion listing

New Delhi: Coca-Cola chief executive Henrique Braun is arriving in India on Saturday for a three-day visit, ahead of the $1-billion initial public offering (IPO) of its bottling arm Hindustan Coca-Cola Holdings (HCCH), people aware of the developments said. This will be Braun's first visit to India after he took over as the beverages maker's global chief in March. His agenda includes meetings with bottling partners, employees and bankers for the IPO, besides market visits, over the weekend, the people said.

"India is one of the most crucial markets for Coca-Cola, not just with the upcoming public listing, but also amid a heightened competitive landscape with multiple competitors...in India's packaged beverage market," one of the executives said.

An email seeking comments from a Coca-Cola India spokesperson remained unanswered until press time on Friday. The Atlanta-based beverage giant, which makes Coke and Sprite soft drinks and Maaza juice drinks, will reduce its holding in HCCH from 60% to 45%, through the IPO, which has been structured as an offer for sale (OFS) of 997.5 million shares.


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Jubilant Beverages, which acquired a 40% stake in the company mid last year, will not dilute its stay holding, according to the draft papers filed with the markets regulator Sebi. The listing estimates the company's valuation at about $10 billion.

India is Coca-Cola's fifth-largest market at present and is expected to become its third-largest market globally in the coming years.

In January, Coca-Cola announced that Sanket Ray, then president of its India and Southwest Asia operations, would take on a global role from March 31, overseeing several key Asian markets, including Greater China, Japan and South Korea, along with India.

As part of a restructuring, the India cluster was placed directly under Braun, within one of two new market groupings that, the company said, "are designed to enhance focus on markets in Asia, Africa and the Middle East."

Braun told investors at the company's September quarter earnings call that its "operational highlights included growth in key markets like India, with a focus on affordability, zero-sugar products and local relevance." He had said India delivered strong volume growth, with its top 10 brands growing in double digits, adding that the firm was increasingly "leaning into emerging channels."

For the year FY26, HCCH's reported revenue from operations at ₹11,663.2 crore, down 9% from ₹12,869.5 crore in FY25, regulatory filings showed. The company said the decline was on account of refranchising, or the sale of some of its bottling units in the North and East India, to its independent bottling partners. The Jubilant Bhartia Group bought a 40% stake in HCCH for ₹12,500 crore, unlocking synergies with group company Jubilant FoodWorks that operates Domino's Pizza, and escalating the competitive landscape.

Interestingly, Jubilant's rival Devyani International, which operates Yum! Brands' chains such as KFC and Pizza Hut outlets in India, is owned by RJ Corp that also owns the listed Varun Beverages, one of PepsiCo's largest bottlers globally. The Competition Commission of India recently approved a merger between Devyani and Sapphire Foods India, another major franchisee of Yum! Brands, to jointly operate KFC and Pizza Hut outlets across the country.