Protests and riots impact businesses in a
society in varying degrees, and India needs to solve problems it is grappling
with in a "democratic" manner, global beverages major Coca-Cola's
Global Chairman and Chief Executive Officer James Quincey said on Monday.
IMAGE: Security personnel inspect the
riot-hit areas in northeast Delhi's Bhagirathi Vihar. Photograph:
Manvender Vashist/PTI Photo.
He added that democracy is
a big attribute that makes Coca-Cola look at India as a market with long-term
potential.
India is currently the
fifth-largest market by volume for the company and it is aiming for doubling of
sales in the next five years to become the fourth largest, he said.
Replying to a question on the recent spate of protests and riots, he
said, "If there are disruptions in the functioning of a society, there
will be some degree of problems for all businesses."
"India is a vibrant
democracy and it needs to work out what is going on. It is hoped that things
get worked out in an appropriate democratic manner," he added.
He told reporters that it
took 21 years for the company to achieve the mark of 1 billion case unit sales
in a year in 2019, and it is targeting to take the same number up to 2 billion
units in five years.
There has been a strong
growth in India on carbonated drinks in 2019, he said. A company executive
added that it has reduced the sugar content in Maaza and Thums Up products over
the past eight months.
When asked about the
slowdown, he said the company does not get affected by a quarter of either
uptick or downturn in sales and added that it feels 2020 will see a surge in
sales.
To a question on the impact
of the coronavirus epidemic, he said it does not see significant impact due to
supply chain issues but hinted that it can get affected if the issues
prolong.
There is also resilience in
the business because of its localised nature in every geography that it
operates in.
In recent months, there
have been protests in various parts of the country against the Citizenship
Amendment Act. There were also riots in the national capital last week.
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