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Pepsi India bottler Varun Beverages said on Tuesday it will buy South Africa-based The Beverage Company in a deal valued at 13.2 billion rupees ($158.71 million), enabling it an entry into Africa's largest market. The Beverage Company bottles and distributes PepsiCo-branded non-alcoholic beverages in South Africa and has five manufacturing facilities in the country, in addition to operations in Lesotho, Eswatini, Namibia, and Botswana. Varun Beverages, one of PepsiCo's largest franchisees outside the United States, has the provision to accept minority co-investment from a "large equity fund", it said in a filing.