Varun Beverage is 100% dependent on PepsiCo for the raw material that goes into its beverages. In 2011, it contributed just 26% of PepsiCo's beverage sales in India. By 2021, things looked significantly different and VBL now contributes to a staggering 85%. It has gained the right to bottle and distribute pretty much every PepsiCo beverage including Tropicana Slice, Gatorade and Aquafina.

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