Revision of Exclusive Bottling Appointment and Trademark License Agreement with PepsiCo Inc. as per details enclosed.
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Varun Beverages Limited (VBL), India's largest PepsiCo bottler, has revised its Exclusive Bottling Appointment and Trademark License Agreement (EBA) with PepsiCo Inc. The key changes are: (1) the agreement term has been extended by 10 years — from ending April 30, 2039 to now ending April 30, 2049; and (2) the earlier restriction requiring VBL to act solely as a Special Purpose Vehicle (SPV) for PepsiCo's business has been removed, giving VBL the freedom to undertake other commercial activities. The revised agreement was signed on May 21, 2026.
The 10-year term extension locks in VBL's exclusive PepsiCo bottling rights until 2049, providing exceptional long-term visibility. Removal of the SPV restriction is particularly positive as it opens the door for VBL to diversify into other beverages or business lines without violating its PepsiCo agreement.