Maaza becomes Coca Cola's 3rd Indian brand to step into billion-dollar club

Company gains $303 million from refranchising bottling ops in India in 2024

India’s home-grown drink Maaza entered the billion-dollar club in the year 2024, becoming the third brand from global beverage giant Coca Cola’s Indian stable to earn this coveted tag. Thums Up and Sprite had joined the club in 2021 and 2022 respectively.

 

Coca Cola Company made this announcement during its global earnings on Tuesday.

 

Maaza was launched in the 1970s by Ramesh Chauhan of Parle Products, and was acquired by the US soft drink major in 1993.

 

The US major recorded net gains of $13 million related to the refranchising of its bottling operations in the country in the December quarter. For the full year, net gains due to refranchising amounted to $303 million in the country.

 

In the December quarter, the company’s unit case volume grew 2 per cent, “led by China, Brazil and the United States. For the full year, unit case volume grew 1 per cent, led by Brazil, India and Mexico,” it said in an earnings release.

 

“In India, our business rebounded nicely during the quarter, and we grew volume… Maaza is now our 30th billion dollar brand in 2024,” said James Quincey, chairman and chief executive officer, The Coca-Cola Company during a post results interaction with investors.

 

Talking about its bottling divestment and related sale of 40 per cent stake in Hindustan Coca-Cola Holdings to the Jubilant Bhartia Group in December, John Murphy, president and chief financial officer at the company said, “We were looking for a partner as ambitious as we are to capture opportunities and has the ability to build capacities over time.”

 

Jubilant will add tremendously (to Coca Cola), he said while adding that the India market “has a tremendous amount of runway ahead and a vibrant environment.”