Varun Beverages Ltd - A Pepsi Partner - Varun Beverages Ltd, Varun Beverages Ltd is the one of the largest franchisee in the world (outside US) of carbonated soft drinks (“CSDs”) and non-carbonated beverages (“NCBs”) sold under trademarks owned by PepsiCo. It produces and distributes a wide range of CSDs, as well as a large selection of NCBs, including packaged drinking water.