Coca-Cola India to Sell Equity
Aug. 16, 2002
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NEW DELHI, India (AP) _ The Indian arm of Coca-Cola Co. said Friday it plans to sell 49 percent of its equity in its wholly owned Indian subsidiary.
Coca-Cola India will sell up to 39 percent of its stake in Hindustan Coca-Cola Holdings to private investors and business partners including bottlers and suppliers, a company statement said.
The remaining 10 percent will be sold to welfare and stock option trusts of Indian employees.
Hindustan Coca-Cola Holdings owns and operates 26 plants and 60 distribution centers across India. Coca-Cola employs more than 7,000 people in India.
``We are happy to bring in significant Indian ownership and broad-base the stakeholders in our drink business like we have done elsewhere around the world,'' said Alex von Behr, president of Coca-Cola India.