In a clear signal of long-term commitment to the subcontinent, Coca-Cola’s Global President and CFO, John Murphy, confirmed on January 16, 2026, that the company is on the lookout for strategic acquisitions to fill portfolio gaps in India. Currently the company’s fifth-largest market by volume, India is on a fast track to join the top three, fueled by resilient domestic demand and a rapidly evolving retail landscape.
The “Bolt-On” Acquisition Strategy
Murphy noted that while scalability is not a problem in India, the company is looking for brands with the “wherewithal to be attractive” and the ability to compete across various beverage categories.
- Portfolio Gaps: The focus is on mid-sized acquisitions that can complement existing brands like Thums Up, Maaza, and Sprite.
- Global Precedent: Murphy pointed to past acquisitions like Costa Coffee, Fairlife, and BodyArmor as examples of how the company uses M&A to diversify beyond traditional sodas.
- Evaluating Projects: “We are evaluating projects in India… There is never a shortage of opportunities to look at here,” Murphy stated during his New Delhi visit.
Growth Drivers: Digitization and Government Policy
The CFO credited the “vibrant energy” of the Indian market to decade-long foundational investments by the government.
- The “Digitization Tailwind”: Murphy highlighted that the digitization of the economy is a massive tailwind for e-commerce and hyperlocal delivery platforms.
- Infrastructure & Electrification: Universal electrification and improved infrastructure have enabled Coca-Cola to reach deeper into rural areas, where growth is currently outpacing urban centers.
- Third-Largest Goal: Despite a challenging 2025 due to unseasonal rains, Murphy expects “very robust” momentum in 2026, positioning India to overtake major Western markets in sales volume soon.
The Competitive Landscape: Facing Campa and Regional Rivals
When asked about the resurgence of Reliance’s Campa Cola, Murphy welcomed the challenge, stating that competitive intensity reflects the “attractiveness of the sector.”
- Staying Agile: He noted that competition prevents complacency and forces the company to invest in better capabilities.
- Franchise Model: Coca-Cola recently completed a 40% stake sale in its bottling arm, Hindustan Coca-Cola Beverages (HCCB), to the Jubilant Bhartia Group, reinforcing its global “asset-light” strategy.
| Key Aspect | Coca-Cola India Strategy 2026 |
| Market Rank | 5th (Current) -> 3rd (Target) |
| M&A Focus | “Bolt-on” mid-sized acquisitions |
| Growth Pillars | Rural expansion, Digitization, Premiumization |
| Bottling Strategy | Strengthening the franchise model (Re-franchising) |
| Retail Reach | 6 Million+ Outlets |
Conclusion
John Murphy’s visit underscores India’s role as the “crown jewel” of Coca-Cola’s emerging markets. By combining a move toward an asset-light bottling model with a hunger for local acquisitions, Coca-Cola is preparing to defend its territory against domestic giants like Reliance while capturing the next 100 million Indian consumers.
