Goldman Sachs funds $600 million for Jubilant Bharti's Coca-Cola India bottling unit deal. All you need to know
The deal was announced in December and received approval from the Competition Commission of India on May 1, 2025.
Goldman Sachs' hybrid fund financed this equity portion by subscribing to the convertible preference shares issued by the group.
The fund is part of the investment bank's private credit strategy, which sits between traditional debt and equity, and is usually longer in tenure.
Convertible preference shares are one of the many ways through which companies can raise money to fund their operations and expansion plans. The lending companies can choose to do so because it enables them to avoid taking on debt, along with limiting the potential dilution of selling additional common stock.
In December, Coca-Cola announced that Jubilant Bhartia is set to acquire a minority stake of 40 per cent in Hindustan Coca-Cola Holdings Pvt.
Coca-Cola is the parent company of the soft drink maker's largest bottler in India called Hindustan Coca-Cola Beverages Pvt.
The total acquisition will cost Jubilant Bhartia $1.5 billion, as reported byBloomberg.
Other than the funding received by the company from Goldman Sachs, the pizza-to-pharmaceuticals conglomerate will raise $600 million in equity and $300 million in debt to fund the remaining $900 million required for the acquisition.
Jubilant Bhartia Group operates in sectors such as pharmaceuticals, food services, and energy solutions. It has franchise rights for global brands like Domino's, Popeyes, and Dunkin'. The group also has businesses in pharmaceuticals, which include contract research, novel drug development, and life science ingredients.
In India, The Coca-Cola Co bottles products such as Thums-Up, Sprite, Fanta, Limca and flagship brand Coca-Cola through subsidiary Hindustan Coca-Cola Beverages Pvt Ltd. It also owns a set of independent bottling companies.
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