Varun Beverages has received an approval to divest 41% equity stake of the company in Varun Beverages Mozambique. This step has been taken in view of very small scale of operation and losses. The board of directors at its meeting held on February 20, 2017has approved for the same.
The board has also approved and authorized the Directors to increase the shareholding of Varun Beverages (Zambia) from existing 60% up to 90% by acquiring further 15,000 shares.
Varun Beverages is one of the largest franchisee in the world (outside US) of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs) sold under trademarks owned by PepsiCo. The company produces and distributes a wide range of CSDs, as well as a large selection of NCBs, including packaged drinking water.