The US soft-drink giant, Coca-Cola, reentered India in the 1990s after abandoning its businesses in the late 1970s in the wake of Foreign Exchange Regulation Act of 1973. read more
The US soft-drink giant, Coca-Cola, reentered India in the 1990s after abandoning its businesses in the late 1970s in the wake of Foreign Exchange Regulation Act of 1973. The Act, meant to 'Indianize' foreign companies, made it mandatory for foreign companies to dilute their shareholdings to 40 per cent. read more
They called themselves the Janta Party (Public Party). The Janata Party came into the power in 1977 and stressed that Coca-Cola should either accept the foreign exchange act or leave the country. Coke India left that year. After the departure of Coke company from India, George Fernandez said: -Coke had 100% equity in India. read more
By 1978, Coca-Cola, IBM, Mobil and Kodak had already quit India or had applied to do so. Coca-Cola, for instance, was the leading beverage giant until it chose to exit the country because of FERA norms and the Janata government’s insistence that it reveal its secret formula. read more