Hogan Lovells advises on the US$890 million equity offering by Varun Beverages

VBL is PepsiCo's second largest bottling partner outside the United States and accounted for more than 90% of PepsiCo’s beverage sales volume in India in 2023. In addition to its operations across India, Nepal, Sri Lanka, Morocco, Zambia and Zimbabwe, it further expanded its operations to South Africa, Lesotho and Eswatini and Democratic Republic of Congo in April 2024, and to Tanzania and Ghana in November 2024. The transaction was managed by Kotak Mahindra Capital Company, CLSA, IIFL Capital Services, Motilal Oswal and Jefferies India.  

The Hogan Lovells team was led by India practice head and Singapore Office Managing Partner Biswajit Chatterjee with support from Kaustubh George, Varun Jetly, Aditya Rajput, Jayant Bharadwaj, Sanjana Ravjiani, and Rosen Chen. 

Hogan Lovells has been ranked No.1 by deal volume and deal value for 2023 India Equity and Rights Offering (Managers) by Bloomberg as well as London Stock Exchange Group (LSEG) in 2024, and has also been ranked among the Top 15 Foreign Law Firms for India-related work by the India Business Law Journal (IBLJ) in 2024. 

About Hogan Lovells India practice 

Hogan Lovells has built a market-leading India practice, drawing on extensive experiences, deep local relationships, and in-depth market knowledge. Our dedicated team, spanning our global network, supports Indian and foreign clients in exploring investment opportunities, raising capital, restructuring business, developing infrastructure projects, and resolving disputes in and outside of India. As trusted legal advisors, we are recognized for an innovative approach to thought leadership, delivering timely and comprehensive insights on legal developments that shape our clients’ strategies and long-term business goals.