CDPQ, Piramal's private credit platform to invest in Coca Cola India bottler: Report

EY is advising the latest transaction between the Chennai based bottler and the private credit platform

Caisse de dépôt et placement du Québec (CDPQ) and Piramal Asset Management will invest $15-20 million private credit in Sri Sarvaraya Sugars Ltd, a Coca Cola India bottler from Chennai, Mint reported citing two people aware of the matter.

Piramal Asset Management and CDPQ announced a $300 million private credit platform, in February 2020, with CDPQ contributing 75 percent of the investment and Piramal committing 25 percent.

The platform aims to offer private credit solutions to companies across various industries in India, including manufacturing, consumer, industrial, healthcare, pharmaceuticals, logistics, among others.

EY is advising the latest transaction between the Chennai based bottler and the private credit platform, one of the two people cited above told the publication.

Moneycontrol could not independently verify the report.

Since 2017, CDPQ has partnered with Piramal Enterprises Limited (PEL), having recently invested US$250 million in its compulsory convertible debentures.

Emailed queries to EY and Piramal Asset Management remained unanswered, the publication said.

Incorporated in 1956, Sri Sarvaraya Sugars has several divisions namely, Sugar, Power, Distillery, Industrial Gasses, Bottling (Coca Cola and "KINLEY" mineral water) divisions. The Coca Cola bottling division has four plants at Vemagiri, Kesavaram, Gopalapuram and Khammam.

These plants have the capacity to bottle aerated and non aerated drinks of the Coca - Cola product range. It also has facilities to bottle in glass and PET bottles, according to the company.