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CCI okays acquisition of 40% equity of HCCH by Jubilant Beverages

Published: May 02, 2025

By TIOLCorplaws News Service

NEW DELHI, MAY 02, 2025: THE Competition Commission of India has approved the proposed combination involving (i) acquisition of 40% shareholding of HCCH by Jubilant Beverages Limited (JBL) and (ii) proposed subscription to CCPS in JBL by Jubilant BevCo Limited and the Investors.

Jubilant Beverages Limited (JBL) and Jubilant BevCo Limited (BevCo) are newly incorporated entities that have recently commenced the business of trading of ready to cook-eat food items on purchase order basis. JBL and BevCo belong to the Jubilant Bhartia Group. The Jubilant Bhartia Group is present in diverse sectors in India such as pharmaceuticals, contract research and development services, proprietary novel drugs, life science ingredients, agri products etc.

WSSS Investments Aggregator 1 Pte. Ltd. (Investor 1) and WSSS Investments Aggregator 2 Pte. Ltd. (Investor 2) are collectively referred to as 'Investors'. The Investors are companies incorporated in Singapore and are owned by funds managed by Goldman Sachs Asset Management, L.P. (GSAM), an investment manager. GSAM is indirectly wholly owned by Goldman Sachs Group, Inc (USA) (GS). GS, a Delaware corporation, is a global investment banking, securities and investment management firm that provides a range of banking, securities and investment services worldwide. GS together with its group entities comprise the GS Group (JBL, BevCo and the Investors are collectively referred to as the ' Acquirers').

Hindustan Coca-Cola Holdings Private Limited (HCCH/ Target) is a holding company having no independent activities in India and belongs to The Coca-Cola Company (TCCC) group.  Hindustan Coca-Cola Beverages Private Limited (HCCB) is a subsidiary of the Target. HCCB is engaged in the preparing, packaging, supply and distribution of a variety of Coca-Cola beverages in India. It is also engaged in the preparation and distribution of beverages under the 'Monster' brand owned by Monster Inc.

The proposed combination relates to inter alia: (i) JBL's proposed acquisition of 40% of the shareholding of HCCH from Hindustan Coca-Cola Overseas Holdings Pte. Ltd., and Bharat Coca-Cola Overseas Holdings Pte. Ltd.; and (ii) BevCo's and the Investors' proposed subscription to compulsorily convertible preference shares (CCPS) in JBL. [step (i) and (ii) together comprise the Proposed Combination ].

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