Coca-Cola bottler Kandhari Global Beverages has acquired the bottling operations of fellow India-based drinks group Wave Beverages.

The financial details of the acquisition were not disclosed. However, Indian business daily The Economic Times, citing sources, reported Kandhari has paid approximately Rs10bn ($116.3m) for the assets.

In a brief statement on LinkedIn, Kandhari said the move “significantly enhances our operational footprint in Punjab and Himachal Pradesh”.

Kandhari has operations in the Indian states of Jammu & Kashmir, Haryana, Gujrat and some parts of the capital Delhi.

The group added the deal would also see the company “deepen our commitment to regional markets, bringing us closer to our consumers, and enabling us to serve them more efficiently with Coca-Cola’s world-class portfolio”.

The acquisition follows Kandhari's purchase of bottling operations in northern Gujarat and Diu from Hindustan Coca-Cola Beverages (HCCB).

“Together, these steps reflect our aggressive growth strategy and our confidence in the resilience and potential of the Indian beverage market,” Kandhari said on LinkedIn.

Wave Beverages, an independent Coca-Cola bottler, was part of the Noida-based Wave Group.

“The move consolidates Coca-Cola's independent bottling structure ... It also marks the near-exit of the diversified Wave Global from Coca-Cola's bottling business," an unnamed source quoted by ET said.

In December, Coca-Cola agreed to sell a 40% stake in Hindustan Coca-Cola Holdings, the owner of HCCB, to Jubilant Bhartia Group.

In the same month, HCCB sold its bottling operations in Jharkhand to Moon Beverages. At the start of last year, the group offloaded three bottling operations to SLMG Beverages, Moon Beverages and Kandhari. 

Kandhari, as reported by the ET, said: “This summer has been challenging on account of the rains. But there is enough bandwidth with pricing, packs and distribution strategies to continue with strong growth for the full year.”