To strengthen Coca-Cola’s bottling network in India, Kandhari Global Beverages has acquired the bottling operations of Wave Beverages for an estimated ₹1,000 crore, according to people familiar with the development.
The acquisition allows Kandhari Global to expand its reach in Punjab and Himachal Pradesh, further consolidating its position as one of Coca-Cola’s largest independent bottlers in India. This deal follows Kandhari’s earlier acquisition of Coca-Cola’s North Gujarat bottling business from Hindustan Coca-Cola Beverages (HCCB) for ₹2,000 crore just five months ago.
“This makes us one of Coca-Cola’s top two independent bottling partners,” said Varinder Pal Singh Kandhari, Managing Director, Kandhari Global Beverages. “In the future, we may explore global expansion, depending on Coca-Cola’s strategic needs.”
Wave Beverages, part of the Noida-based Wave Group, was an independent Coca-Cola bottler. With this exit, the Wave Group effectively steps away from Coca-Cola’s bottling business.
This development also comes in the backdrop of Coca-Cola selling a 40% stake in HCCB to the Jubilant Bhartia Group for ₹12,500 crore, a move aimed at shifting to a more asset-light franchisee model in India.
Kandhari Global now covers bottling territories in Jammu & Kashmir, Haryana, most of Punjab, Himachal Pradesh, Rajasthan, North Gujarat, and parts of Delhi. The company produces and distributes Coca-Cola’s beverage portfolio using concentrates supplied by the Atlanta-headquartered parent.
India is Coca-Cola’s fifth-largest market by volume. Despite a slower-than-expected summer quarter this year due to unseasonal rains, the company remains optimistic about growth.
“This summer has been challenging because of the rains, but we have enough levers—pricing, pack sizes, and distribution—to stay on track for strong full-year performance,” Kandhari added.
India’s non-alcoholic beverages market, including soft drinks, juices, and packaged water, was pegged at ₹67,000 crore in 2024 by think tank ICRIER. The sector is projected to more than double to ₹1.47 lakh crore by 2030. However, competition is intensifying with the entry of players like Reliance Consumer Products, which owns the legacy brand Campa.