Last Updated:June 12, 2025, 12:16 IST
The Bhartia family, promoters of the Jubilant Bhartia Group, is planning to sell small stakes in three of its listed companies
Coke (Representative Photo)
Jubilant Coca‑Cola Deal: The Bhartia family, promoters of the Jubilant Bhartia Group, is planning to sell small stakes in three of its listed companies to raise over Rs 2,000 crore, sources told News18.com. The funds will help part-finance their acquisition of a 40% stake in Hindustan Coca-Cola Beverages (HCCB), Coca-Cola’s Indian bottling arm.
The family is likely to divest around 6% in Jubilant Ingrevia, 3% in Jubilant Pharmova, and 2% in Jubilant FoodWorks, although final figures could vary depending on market conditions and investor appetite, the sources added.
The Economic Times had earlier reported the family’s move to raise funds by trimming stakes across the group’s listed entities.
The deal values Coca-Cola’s local bottling arm at Rs 31,250 crore including debt.
At this enterprise value, the stake will cost Rs 12,500 crore. Morgan Stanley is advising the promoters on the divestment of noncore assets and sale of minority stakes in the listed firms.
As per the deal structure, Jubilant Beverages will acquire HCCB shares from Coca-Cola entities, while another group company, Jubilant Bevco and an investor consortium led by funds managed by Goldman Sachs Asset Management will subscribe to compulsorily convertible preference shares in Jubilant Beverages. The financing structure includes Rs 5,650 crore of debt, CCPS and the remainder through an equity infusion from Jubilant’s holding company, Jubilant Bhartia Consumer Ltd.
Promotor Stake In Listed Firms – Jubilant FoodWorks, Jubilant Pharmova And Jubilant Ingrevia
The promoter group holds a 41.9% stake in Jubilant FoodWorks, which operates as the exclusive India franchisee for popular US restaurant brands such as Domino’s Pizza, Popeyes, and Dunkin’ Donuts, and also manages its own brand, Hong’s Kitchen. According to company disclosures, mutual funds and foreign institutional investors own 25.8% and 20.5%, respectively, while the remaining shares are distributed among retail investors and other domestic institutions.
In Jubilant Pharmova (formerly Jubilant Life Sciences), which focuses on radiopharmaceuticals and contract drug research and development, the promoters and promoter group control a 50.68% stake. Retail and other investors hold 25.06%, while foreign institutional investors account for 17.22%. The balance is held by mutual funds and other domestic institutions.
For Jubilant Ingrevia, the group’s chemicals and life sciences business, the promoter holding stands at 51.5%. The remaining stake is split among foreign investors, domestic institutions, and public shareholders.
Earlier, on June 5, The Economic Times reported that the Jubilant Bhartia Group’s Rs 5,650 crore bond issuance, meant to partly fund the Coca-Cola acquisition, received an overwhelming response from investors.
The funds were raised through two non-convertible debenture (NCD) issues managed by Jubilant Beverages Ltd and Jubilant Bevco.
Collectively, they attracted bids worth Rs 10,610.84 crore, nearly double the intended amount. Jubilant Beverages, which aimed to raise Rs 2,650 crore, received bids totaling Rs 5,840 crore. Meanwhile, Jubilant Bevco’s Rs 3,000 crore issue was oversubscribed with bids worth Rs 4,770.84 crore.
The bond sale drew participation from several leading mutual funds, with HDFC Asset Management Company (AMC) emerging as one of the key investors. The overwhelming subscription is seen as a vote of confidence in the Jubilant Group’s ambitious plans to enter the Coca-Cola bottling business in India.
About HCCB:
Hindustan Coca-Cola Beverages is responsible for manufacturing, packaging, selling, and distributing Coca-Cola beverages in India. With 14 bottling plants, it accounts for about 43% of Coca-Cola’s bottling volumes in the country. Its portfolio spans carbonated drinks, juices, and packaged water.
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