Varun Beverages, a non-alcoholic beverages maker, today said its board has approved a proposal to sign an agreement to acquire PepsiCo India's previously franchised sub-territory in Jharkhand along with manufacturing facilities and franchise rights for Chhattisgarh.
The board of the company in a meeting held today approved "its intent to enter into a binding agreement to acquire Pepsico India's previously franchised sub territory in the state of Jharkhand (20 districts) along with manufacturing facilities and franchise rights for the state of Chhattisgarh".
However, it also added that it would be "subject to the satisfactory completion of due diligence and final approval of Pepsico".
Upon completion of this acquisition, Varun Beverages will be a franchise for PepsiCo products across 20 states and 2 union territories of India.
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