New Delhi, Aug. 25 -- Varun Beverages, one of PepsiCo's largest franchisees globally outside the US, is continuing to diversify its product portfolio beyond soft drinks and non-alcoholic beverages.

In its latest move, the company said on Tuesday that its board had approved the incorporation of a wholly owned subsidiary, KIVA Spirits and Company, to carry on the business of ready-to-drink (RTD) products, alcoholic beverages, and allied products in the domestic market, subject to the receipt of applicable regulatory approvals.

The company added that approval for the incorporation of the subsidiary had been granted by the Ministry of Corporate Affairs.

The move follows Varun Beverages' broader efforts to expand its presence across new bev...