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15 May, 2025
Moon Beverages, one of India’s top Coca-Cola bottlers and part of the MMG Group, is considering an IPO as it ramps up investment to expand its footprint in the fast-growing soft drinks market. With over ₹4,000 crore already invested and two major new plants underway, the company aims to double its revenue within four years and is exploring both domestic and global growth opportunities.
Moon Beverages Plans IPO to Accelerate Growth
Moon Beverages, a key bottling partner of Coca-Cola and part of the MMG Group, is considering an initial public offering (IPO) to drive its ambitious growth and expansion plans in India’s booming soft drinks market. The move comes amid major investments aimed at scaling up production and entering new territories.
Massive Investment Backing Expansion Plans
The company has already invested over ₹4,000 crore into expanding its footprint and boosting capacity. New bottling plants are currently underway in Guwahati (Assam) and Rourkela (Odisha), which will add a combined capacity of 7,000 bottles per minute (bpm). These additions will significantly enhance Moon’s production beyond its current 10,000 bpm installed capacity.
IPO in the Works, But Timeline Undisclosed
While Vice Chairman Anant Agarwal confirmed that an IPO is on the table, he noted that detailed information cannot yet be disclosed. "We are very bullish on Moon Beverages' growth, and the IPO fits into our long-term strategy," he told PTI, adding that discussions with stakeholders are ongoing.
Poised for Rapid Growth in Soft Drink Sector
With India's soft drink consumption still at a fraction of developed markets, Moon Beverages sees vast potential. The company expects to double its revenue in the next 3–4 years, fueled by capacity expansion, new market acquisitions, and strong demand."We've grown multifold in the last 2–3 years through aggressive expansion and acquisitions," said Agarwal, who also projects 20% year-on-year growth for the next five years.
Geographic Footprint and Coca-Cola Partnership
Moon Beverages is currently the third-largest Coca-Cola bottler in India, following SLMG and Kandhari Global. It operates in North and East India, with strongholds in Delhi NCR, Western Uttar Pradesh, West Bengal, Jharkhand, and the Northeast (Seven Sisters). The company recently expanded into Jharkhand after acquiring operations from Hindustan Coca-Cola Beverages (HCCB).
Looking Ahead: National and Global Expansion
As Coca-Cola shifts to an asset-light strategy and divests bottling operations globally, Moon Beverages is eyeing more acquisitions within India and abroad. “We’re open to expanding both our portfolio and geography. Going global is definitely on the table,” said Agarwal.
Part of Diversified MMG Group
Moon Beverages belongs to the Agarwal family-run MMG Group, which has interests across oil & gas, hospitality, real estate, and bottling. This diversified backing supports the company’s robust investment and growth trajectory.
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