PepsiCo's largest franchise bottler, Varun Beverages Ltd, on Wednesday (November 19) said it has incorporated a wholly-owned subsidiary in Kenya, named VBL Industries (Kenya) Limited. The subsidiary will focus on the business of manufacturing, distributing, and selling beverages.

This follows Varun Beverages’ October announcement that its African subsidiaries will enter the beer market through an exclusive distribution agreement with Carlsberg Breweries, the Danish beverage company.

Also Read: Varun Beverages shares have a 25% upside potential, Goldman Sachs says

In addition, the company also added that its snacks facility in Morocco has ramped up to full-scale operations. This will result in a processing plant in Zimbabwe.

Third Quarter Results

Consolidated sales volume grew by 2.

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