We met the management of Varun Beverages (VBL) to understand the business of the company and its growth outlook. VBL is the one of the largest franchisees of PepsiCo globally (ex-US) for production and distribution of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs) sold under trademarks owned by PepsiCo. The company enjoys more than 25 years of strategic association with PepsiCo (since 1990), has expanded its territories to 17 states (mainly North and North East India), two union territories in India; Nepal, Sri Lanka,...