Dec 11 Reuters Jubilant Bhartia Group said on Wednesday it will buy a 40 stake in CocaCola39;s KO.N, opens new tab largest bottler in India, as the Indian conglomerate plans to foray into the country39;s high growth beverage sector.

The group, which owns Domino39;s Pizza39;s DPZ.N, opens new tab Indian franchisee Jubilant FoodWorks JUBI.NS, opens new tab, did not disclose the financial terms of the deal.

However, Indian media reports, opens new tab said the deal was worth 125 billion rupees 1.47 billion.

The investment aligns with our strategic intent to expand and diversify into highgrowth industries, Hari S. Bhartia, the group39;s founder and cochairman said in a statement.

The Indian beverage sector is seeing steady growth, with revenue generated from nonalcoholic beverages expected to reach over 24 billion by 2027 from 17 billion in 2023, a report from data firm Statista showed.

The investment is also expected to strengthen the position of CocaColaowned Hindustan CocaCola Beverages HCCB after media reports, opens new tab showed that the bottler had divested operations in three regions in the country earlier this year.

As of November, the bottler had 16 factories in India.

Jubilant Bhartia, which has four listed companies in the Indian stock exchanges, said it will buy the stake in HCCB via its entity Jubilant Beverages.

Morgan Stanley was the exclusive financial advisor to the deal, the group added.

In October, the news agency IFR reported that the…