Summary of this article
Coca-Cola plans a 2027 public listing for HCCH
Parent company will pare stake during the public issue
Jubilant Bhartia Group currently holds forty percent stake
The Indian primary market has seen a lacklustre run so far in 2026. However, a recent announcement by beverage giant Coca-Cola is expected to bring the buzz back on D-Street. The soft drink beverage announced through a release on June 1, 2026 that it is looking to list Hindustan Coca-Cola Holdings on the NSE and the BSE.
Hindustan Coca-Cola Holdings (HCCH) is the parent company of the largest Coca-Cola bottler in India. The beverage maker also announced that it is likely to pare a portion of its stake in the bottling company as a part of the public issue. While the company has not shared a definite timeline for the public issue, it mentioned that it is eyeing a listing in 2027.
The beverage company mentioned that initial preparations are already underway for a potential listing on the Bombay Stock Exchange and National Stock Exchange of India, subject to market conditions and applicable regulatory and other approvals.
Coca-Cola Refranchising and Jubilant Bhartia Group Partnership
The company added that earlier in July 2025, it transacted with the Jubilant Bhartia Group and sold the conglomerate a 40 per cent stake in HCCH. The company said that the potential listing is set to be a significant milestone, completing the refranchising of HCCH and positioning it well to capitalise on the opportunities in the Indian market. Sanket Ray, president, India and Southwest Asia and Emerging Large Markets Lead for Coca-Cola, said that he expects the company to pursue future growth post listing.
“This announcement is another important step for HCCB. 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," Ray said in the release.
Chairman and Co-Chairman of Jubilant Bhartia Group, Shyam and Hari Bhartia, added that they expect to reap the benefits of the public listing.
“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,” the two said in a joint statement.
HCCB Business Model
HCCH, and its operating subsidiary HCCB, were established in 1997. As on March 31, 2026, they operated a network of more than 2,000 distributors and had a reach of 1.70 million customers, thanks to its approximately 5,000 employees. HCCB operates 14 bottling plants across 10 states in India and works with eight co-packers.
HCCB prepares, packages, distributes and sells both sparkling and still beverages, including Coca-Cola, Thums Up, Sprite, Fanta, Limca, Maaza, Minute Maid and others, and is among the major players in the non-alcoholic ready-to-drink beverages in the territory in which it operates.
HCCB Listed Peers
A potential public listing for HCCH will place it in direct market comparison with franchise player Varun Beverages (VBL). As the primary and dominant bottling partner for PepsiCo in India, VBL enjoys a massive footprint across the country, managing manufacturing and distribution networks that closely mirrors HCCB’s ecosystem.
Other smaller listed entities operating within the broader commercial aerated beverages and packaged drinking water categories include Orient Beverages. Further details about the potential listing will be announced at a later date.
