Coca-Cola uncaps board control of bottling operations
Coca-Cola Company is, on Sunday, shutting down its Bottling Investments Group (BIG), under which the US beverage maker operates its worldwide bottling operations, including in India.
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«The BIG corporate office will close June 30. The timing is right to sunset BIG's headquarters and to oversee our remaining bottling investments in a more streamlined way,» Henrique Braun, Coca-Cola president, international development, said in an internal note, a copy of which was seen by ET. The note said India, Nepal and Sri Lanka will be under the «oversight of its (Coca-Cola's) internal board.»
The move directly impacts India as Coca-Cola India's wholly-owned bottling company, Hindustan Coca-Cola Beverages (HCCB), was controlled by BIG.
As reported by ET on June 18, Coca-Cola has reached out to at least four large Indian business houses and their family offices to sell a significant minority stake in HCCB — a move to unlock value ahead of its initial public offering (IPO).
'Simplification and Strengthening'
Staring Sunday, Coca-Cola's bottling investments and operations will be managed through an internal board, which will oversee the performance and strategy of the bottling business.
The board will be chaired by Braun, with participation from senior executives managing global functions, including Monica Howard Douglas, Murat Ozgel, Enrique Rapetti, Tapaswee Chandele and John
