Financial Daily from THE HINDU group of publications
Thursday, Jun 17, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 17, 2004 |
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Corporate
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Announcements No structural changes in India, says Coke Our Bureau
New Delhi , June 16 COCA-COLA India said on Wednesday that there would be no structural changes in the Indian operations despite the creation of a new post - President of Bottling Investments - at the parent company's headquarters at Atlanta. Currently, Coca-Cola India has a 51 per cent subsidiary called Hindustan Coca-Cola Beverages (HCCB) that runs the company's bottling operations in India. Coke India's comments follow Coca-Cola Company's announcement appointing Mr Irial Finan as President of Bottling Investments for managing the company's equity investments in bottler operations and overseeing the operations of company-owned bottlers around the world with effect from August 1 this year. When contacted, the Coca-Cola India Vice-President, Mr Sunil Gupta, told Business Line: "There will be no structural changes in Indian operations. It is business as usual. We would continue to drive the affordability strategy with tight fiscal discipline and bring in efficiencies and effectiveness in our bottling operations." Mr Sanjeev Gupta is the Division President of Coca-Cola India and heads the company's operations in the country, including bottling, marketing and other functions. As per a release posted on the Coca-Cola Company's Web site, the combined investments in Coca-Cola bottlers across the globe have a current market value of more than $11 billion. Mr Finan was most recently CEO of Coca-Cola Hellenic Bottling Company SA and has spent 23 years working within the Coca-Cola bottling system. He will report to Mr E. Neville Isdell, Chairman and CEO. It is expected that Mr Finan will serve on the boards of directors of some of the company's equity investments and co-ordinate its board representation with others. The General Managers of the company-owned bottlers will report to Mr Finan effective August 1, 2004 the release said.
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