Global soft drinks group, Coca-Cola Co., has requested permission from the Indian government to delay the initial public offering (IPO) for 49% of its Indian subsidary for a further five years. Coca-Cola agreed in 1997 when it made a $700m investment in its Indian operations, that it would offer 49% of the company on the open market to Indian investors. It is a frequent condition the Indian government makes to overseas companies investing in the country. Last October, Coca-Cola's request for the company to remain a wholly-owned subsidiary was denied by the government.