Varun Beverages, the bottler of PepsiCo, has said that it has hiked its stake in its Zambia subsidiary, Varun Beverages (Zambia) Ltd, to 90 percent.

The company has said in a statement that “Varun Beverages has increased its stake in its Zambia subsidiary, Varun Beverages (Zambia) Ltd, to 90 percent from 60 percent. VBL has been successfully running the Zambia operations since its acquisition in 2016.”

However, the financial details of the transaction and valuation has not been provided by the company.

It has added that “The increase in stake reflects the company’s confidence in the future growth prospects of the subsidiary and will be an effective catalyst to drive further business growth in a fast-growing emerging market.”

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