Coca-Cola India intends to sell a portion of its wholly-owned bottling company, Hindustan Coca-Cola Beverages (HCCB), and has approached the entrepreneurs of at least four prominent Indian business families, according to The Economic Times on Tuesday.

According to the report, the names include the Jubilant Group's Bhartia family, Dabur's Burman family, Pidilite Industries' Parekh family, and Asian Paints' promoter family. In order to expand its operations, the soft drink manufacturing company plans to invest between $800 million and $1 billion.

HCCB has also considered an initial public offering (IPO) as part of its expansion strategy. While negotiations about a future public offering are allegedly underway internally, the exact timing for the IPO listing is unknown. 

A credible source said in April that the beverage major is "bullish on long-term growth in India" and expects the country to have a successful year. 

In January, HCCB transferred ownership of its activities in Rajasthan, Bihar, West Bengal, and the northeastern area to local business partners. According to Juan Pablo Rodriguez, CEO of HCCB India, the move was intended to offer "scale and continuity to the business."