Varun Beverages Ltd., a non-alcoholic beverages maker, said its board has approved a proposal to sign an agreement to acquire PepsiCo India Holdings Pvt.'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".
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