Coca-Cola will complete the process of divesting 49 per cent stake in Indian operations by the end of this month, with its bankers close to finalising the financial institutions and high-net worth private individuals with whom the shares will be placed.

The company, which faces a February 28, 2003 deadline to complete the divestment of 49 per cent equity in favour of resident Indians, has already divested 10 per cent of it in favour of employee trusts and as stock options, a senior company officials said in Bhutan.

"Coca-Cola is moving towards completing the divestment of 49 per cent equity. Our bankers are talking to financial institutions and high net worth individuals and the process is expected to be completed by February 28," Coke India president Alex von Behr told PTI.

"We have already completed divestment of 10 per cent equity in favour of employee trusts and as stock options," he added.

He said the Atlanata-based soft drinks giant has invested $800 million till date in Indian operations including the Rs 100 crore (Rs 1 billion) investment earmarked for 2003".

On the financial status of Indian operations, he said Coke India broke even "in 2001 but we have accumulated losses which will take some time to get wiped off".

Von Behr said the first three quarters of 2002 have seen the carbonated soft drinks business of the company grow by 22 per cent, but declined to comment on growth the company may have achieved in the 12-month period ending December 2002.

He said last year was expected to be better than 2001, since the latter saw no volume growth in soft drinks, which account for Coke India's largest proportion of turnover.

Asked whether the company plans to take its tea and coffee foray national, von Behr declined to comment.

As per the latest figures by market research agency ORG, Coca-Cola and Thumps Up together hold a little over 38 per cent of 350 million cases Indian soft drink market, he said, adding Pepsi and Pepsi-Aha together hold sway over 23.5 per cent of the market.