Varun Beverages, an India-based bottling arm of RJ Corp, is set to sell a minority stake in the company to private equity firms in a move to raise INR3bn ($47.5m).
The company is currently in talks with four private equity firms - GIC Singapore, Temasek, Apax Partners and Blackstone - independently and will use these funds to establish bottling plants outside India.
An investment banker was quoted by The Times of India as saying: "The company wants to raise the next round of capital for its global expansion plans."
RJ Corp is a PepsiCo bottler that serves in India and South Asia. It currently operates bottling plants of PepsiCo across India including Haryana, Western Uttar Pradesh, Rajasthan and Delhi-NCR regions.
The company also has operations in Nepal, Sri Lanka, Mozambique, Zambia and Morocco.
Beverages offered by RJ Corp include Pepsi, Miranda, Mountain Dew, 7 UP, Aquafina and juice-based drinks such as Tropicana, Tropicana Twister and Slice.
