Moon Beverages eyes IPO as it pumps Rs 4,000 crore into expansion

Moon Beverages, a leading Coca-Cola bottler in India and part of the diversified MMG Group, is weighing an Initial Public Offering (IPO) to fuel its ambitious growth plans, a top company executive said.
According to PTI, Moon Beverages aims to double its revenue within the next three to four years, driven by increased production capacity, new plants, and expanded market reach, said Anant Agarwal, Vice Chairman of MMG Group.
“This is in our plan,” Agarwal said when asked about the IPO. “We are very bullish on growth for Moon Beverages and the IPO plan sits very well with that ambition.” While he did not provide a specific timeline, he noted that discussions with stakeholders are underway.
So far, the group has invested over Rs 4,000 crore into Moon Beverages, with a focus on acquisitions, infrastructure, and capacity expansion. Two new bottling plants — one in Guwahati (Assam) and the other in Rourkela (Odisha) — are expected to boost the company’s bottling capacity by 7,000 bottles per minute (bpm). These will complement the current installed capacity of 10,000 bpm across five existing plants.
“We need this constant investment to double the business in three to four years, and we are not shying away,” Agarwal said, underscoring the group’s aggressive growth strategy in India’s still-underpenetrated soft drinks market.
Moon Beverages is currently the third-largest Coca-Cola bottler in India, behind SLMG and Kandhari Global. The company recently acquired bottling operations in Jharkhand from Hindustan Coca-Cola Beverages (HCCB), and now has a significant presence across Delhi NCR, western Uttar Pradesh, West Bengal, Jharkhand, and the north-eastern states.
Over the last few years, Moon Beverages has expanded largely through acquisitions — taking over operations in western UP in 2020, and more recently, West Bengal and the northeast. The company plans to continue this strategy and is open to further regional expansion and even exploring international opportunities in partnership with Coca-Cola.
“We are open to acquisitions and would be happy to go global when the opportunity arises,” said Agarwal.
Part of the Agarwal family-owned MMG Group, Moon Beverages is supported by the conglomerate’s diverse interests, which span oil & gas, hospitality, real estate, and more. The company expects to maintain a 20% year-on-year growth trajectory over the next five years, signalling strong confidence in both the business and India’s evolving beverage market.