Ravi Kant Jaipuria: Building a Billion-Dollar Empire in India's Beverages and Fast-Food Sectors

The Jaipuria family has established a robust presence in India’s business landscape through RJ Corp, a conglomerate that operates in beverages, fast food, healthcare, and hospitality. By forming strategic alliances with global brands and expanding methodically, they have created some of the most recognized consumer businesses in India. Recent moves, such as the merger of Devyani International with Sapphire Foods, are further solidifying their position in the market and making them one of the wealthiest business families in the country.

Ravi Kant Jaipuria, often referred to as India’s “Cola King,” is the founder and chairman of RJ Corp. Over the past four decades, Jaipuria has built a formidable business empire by partnering with global giants like PepsiCo and Yum! Brands. His role as a key partner in bottling operations and quick-service restaurant franchises has earned him national recognition and significant wealth.

RJ Corp is currently driving a major consolidation in India’s fast-food sector. Devyani International, the country’s largest franchisee for KFC and Pizza Hut, is set to absorb Sapphire Foods, creating one of the nation’s largest networks of these quick-service restaurants. This move strengthens Jaipuria’s dominance in the food and beverage sector and demonstrates his continued focus on aggressive expansion.

Varun Beverages remains the most valuable pillar of Jaipuria’s empire, followed closely by his fast-food businesses under Devyani International. The success of these two sectors, combined with strategic investments in healthcare and hospitality, has helped him create a resilient and diversified conglomerate.

Ravi Kant Jaipuria’s total holdings are valued at approximately Rs. 1.56 lakh crore ($17.3 billion) as of the end of 2024. His wealth comes from a combination of listed companies, franchise operations, and stakes in healthcare and hospitality businesses. Here’s a breakdown of his major holdings:

Varun Beverages Ltd, founded in 1995 and based in Gurugram, manufactures, bottles, sells, and distributes beverages and snacks under PepsiCo brands across India and several international markets, including Sri Lanka, Nepal, and multiple African countries. Its portfolio includes carbonated drinks (Pepsi, Mountain Dew, Mirinda, 7UP), juices and fruit drinks (Tropicana, Slice, Nimbooz), energy and sports drinks (Sting, Rockstar, Gatorade, Reboost Energy), ice-tea and packaged water (Lipton, Aquafina, Aquavess), snacks (FritoLay, Cheetos, Doritos, Simba, Kurkure), and dairy-based beverages (Cream Bell).

As of December 2025, Ravi Kant Jaipuria holds a 16.71 percent stake (56.5 crore shares) and RJ Corp Ltd holds a 25.28 percent stake (85.5 crore shares) in Varun Beverages Ltd. Since its IPO in 2016, the company’s share price has grown 19 times from Rs. 23 to Rs. 493, which has been the biggest driver of Jaipuria’s wealth.

Devyani International Ltd, incorporated in 1991 and based in Gurugram, operates and manages quick service restaurants and food courts across India, Nepal, Nigeria, Thailand, and other international markets. The company runs outlets under popular brands such as KFC, Pizza Hut, Costa Coffee, Vaango, and others. It is a subsidiary of RJ Corp Limited.

As of September 2025, Ravi Kant Jaipuria holds a 0.17 percent stake (21.14 lakh shares) and RJ Corp Ltd holds a 57.98 percent stake (71.48 crore shares) in Devyani International Ltd. RJ Corp is currently overseeing a merger where Devyani International will absorb Sapphire Foods, further expanding its network and consolidating its presence across India.

Sapphire Foods operates KFC and Pizza Hut outlets in India. Through the merger with Devyani International, this business will become a part of Jaipuria’s fast-food empire, strengthening his reach in the QSR sector.

Global Health Ltd, founded in 2004 and based in Gurugram, provides comprehensive healthcare services in India through its Medanta hospital network. Its offerings cover specialties such as cardiac, cancer, liver and lung transplants, neurosciences, orthopaedics, paediatrics, obstetrics, ENT, ophthalmology, dermatology, and more. The company also provides telemedicine, e-ICU, homecare, eldercare, diagnostics, lab tests, air ambulance services, pharmacy trading, and healthcare education, delivering a full spectrum of medical and wellness solutions.

As of December 2025, RJ Corp Ltd holds a 6.59 percent stake (1.77 crore shares) in Global Health Ltd. This adds a healthcare dimension to his portfolio, providing diversification beyond consumer brands.

Capital India Finance Ltd, incorporated in 1994 and based in Mumbai, is an NBFC offering lending and forex services in India. Its products include small business and retail loans, loans against property, and digital payment solutions via RapiPay. As of September 2025, RJ Corp Ltd holds a 4.89 percent stake (1.9 crore shares) in Capital India Finance Ltd.

Cosmo Ferrites Ltd, founded in 1985 and based in New Delhi, manufactures and sells soft ferrite cores for applications in electric vehicles, automotive, solar inverters, lighting, medical, railway, telecommunications, and more. The company also produces pre-calcined ferrite powder and exports its products to the UK, Europe, USA, New Zealand, Israel, Turkey, Thailand, Malaysia, China, Sri Lanka, and other international markets. As of September 2025, RJ Corp Ltd holds a 1.66 percent stake (2 lakh shares) in Cosmo Ferrites Ltd.

Ester Industries Ltd, founded in 1985 and based in Gurugram, makes and sells polyester films, specialty polymers, and recycled PET in India and abroad. Its products are used in food and beverage packaging, textiles, automotive, electronics, and industrial applications. The company also exports its products and is a subsidiary of Wilemina Finance Corporation. As of December 2025, RJ Corp Ltd holds a 2.71 percent stake (26.42 lakh shares) in Ester Industries Ltd.

Apart from the major listed companies, RJ Corp also holds stakes in several unlisted businesses across different sectors. These unlisted ventures diversify the group’s portfolio, provide additional revenue streams, and support long-term growth opportunities.

Ravi Kant Jaipuria’s journey reflects a rare combination of strategic partnerships, market foresight, and disciplined expansion. As RJ Corp continues to consolidate its position in the fast-food and beverage sectors, Jaipuria’s vision is to maintain steady growth while exploring new avenues in India and abroad, ensuring his family business remains a significant force for decades to come.