Active Stocks
Tue Apr 16 2024 11:44:37
  1. Tata Steel share price
  2. 161.35 0.28%
  1. Infosys share price
  2. 1,435.00 -2.27%
  1. NTPC share price
  2. 359.95 -0.39%
  1. HDFC Bank share price
  2. 1,500.15 0.35%
  1. ITC share price
  2. 425.95 0.01%
Business News/ Companies / News/  Hindustan Coca-Cola Beverages promises 3000 crore investment in Gujarat
BackBack

Hindustan Coca-Cola Beverages promises ₹3000 crore investment in Gujarat

This investment will be used to set up a new facility in Rajkot for producing juice and aerated drinks.

HCCB manages 16 factories and offers 60 products across seven categories, including well-known beverage brands such as such as Coca-Cola, Thums Up, Sprite. (File Photo: Bloomberg)Premium
HCCB manages 16 factories and offers 60 products across seven categories, including well-known beverage brands such as such as Coca-Cola, Thums Up, Sprite. (File Photo: Bloomberg)

New Delhi: Hindustan Coca-Cola Beverages (HCCB), the largest bottling partner of Coca-Cola India, has signed a Memorandum of Understanding with the Gujarat government, pledging an investment of 3,000 crore in the state. 

This investment will be used to set up a new facility in Rajkot for producing juice and aerated drinks.

The agreement comes ahead of the Vibrant Gujarat Global Summit 2024, to be held 10-12 January.

The facility, expected to begin operations in 2026, will boost HCCB's already significant presence in Gujarat, joining its existing facilities in Goblej and Sanand, as per a company statement.

The expansion will increase the company's employee strength in the state to over 1,500. HCCB's network in Gujarat includes around 285 distributors and over 224,000 retailers.

HCCB currently operates in 22 states and three union territories across India, serving 2.5 million retailers and 3,500 distributors with a workforce of 6,000 employees. The company manages 16 factories and offers 60 products across seven categories, including well-known beverage brands such as such as Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, SmartWater, Kinley, Limca, Fanta.

Himanshu Priyadarshi, chief public affairs, communications, and sustainability Officer at HCCB, underscored the investment in Rajkot as a significant step in the company's longstanding relationship with Gujarat, emphasizing mutual growth and trust. He said the expansion reflects HCCB's commitment to the state's potential and to enhancing its business operations and community engagement in Gujarat.

In FY23, HCCB recorded a substantial increase in profits, which more than doubled to 809.43 crore from 375.43 crore in the previous year. The company also saw a 40% surge in revenue from operations, reaching 12,840.2 crore, as it experienced heightened demand for its beverages post-pandemic.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Suneera Tandon
Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 13 Dec 2023, 05:05 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App