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Varun Beverages to be PepsiCo beverages’ franchise in 27 states, 7 UTs
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Wednesday, 20 February, 2019, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Varun Beverages Ltd will be a franchise of PepsiCo beverages business across 27 states and seven Union Territories (UTs) of India soon.
The board of directors of Varun Beverages met recently to approve the company’s intent to enter a binding agreement with PepsiCo India Holdings Private Limited to acquire franchise rights in the South and West regions from the latter for a national bottling, sales and distribution footprint in seven states and five Union Territories (subject to receipt of necessary statutory approvals).
The proposed acquisitions are in line with the company’s strategy to expand into contiguous territories and will help to acquire greater scale, operational productivity and efficiency, leading to higher revenues and profitable growth.
The board of directors will convene its next meeting on February 26, 2019 to consider the raising of capital through qualified institutions placement (QIP).
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