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QUESTION AND ANSWER SESSION WITH RON COUGHLIN

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Mr. SHIVJIT KHULLAR
What apart from the marketing efforts etc. what was so different in India that gives you such a big lead i.e. India is one of the rare cases in the world where you have managed to open such a huge gap so what do you think, what do you think is it the environment, the conditions? 

Mr. RON COUGHLIN 
I am not going to sit here and claim to be an expert to lure the people in India but it started with the people, we understood right away we needed the right people, and we need local management of operation and that is in contrast to the strategy that out competitors took that is no.1. 

No. 2 we understood and continue to understand today that we need separate communication obviously leveraging of a global stately but you that you need to have a direct communication that really addressed this balance a long history of local traditions with you know some what with western outlook that can only be balanced by a team that understands that locally not out of Europe by any means.

RAVI FROM BAJAJ
I want to ask one question to Ron. Youth also says in many research that they want keep experimenting changes very often they do not like to see, to wear, to drink, to listen to the same thing. Change is part of their life. So I was asking Ron about Pepsi as a drink how long will it remain the same taste? Should it be the same taste in a new package? Or will we continuously give them the same taste with new message. Is there any thinking on that? 

Mr. RON COUGHLIN 
No problem. I think you have to look at it in two pieces. One is what do you want to do with Pepsi and second one is what do you want do with the portfolio PepsiCo. The first thing with Pepsi I think highlighted by Michael Jackson. If you constantly refresh your brand then the brand doesn’t get old. It is a matter of when the brands get old is when the consumer looks for other offerings. But the fact of the matter is that today the people drink more and more drinks retailers carry more and more drinks so you know you can have the right line up of products and Pepsi cola that meet those needs but we think we can continue to grow Pepsi cola just fine, I mean per caps in India are one tenth / one twentieth of what they are in Mexico so there is plenty of Pepsi cola that can be sold.

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SHIVJEET KULLAR 
O.K. they will use their range to provide different tastes for different people.

ASHWIN CHOPRA FROM IMG 
Roger Enrico has his written in his book ‘The Other Guy Blinked’ that you signed up Michael Jackson was the best thing you guys had ever done. Now what was the idea behind getting celebrities to indorse your brand? Why wasn’t this idea there before Michael Jackson? What is the theory behind it?

MR. RON COUGHLIN 
Two things had happened. The first I highlighted earlier which is that life style advertising did not have the same impact. The Pepsi advertising is known for having major impact – major breakthrough.

No.2. Though this is a little complex, in the United States we had run something called the Pepsi challenge for years and years which was a competitive challenge with Coca Cola and the time between the life style advertising getting old and the challenge seeming a little too aggressive we wanted to break out and create new mould of marketing and Michael Jackson came along but these things did not come planned basically there is funny story a big white limousine pulled up in front of Pepsi and out comes this guy with big black and white hair and it was Don King and for those who know Don King and Don King was managing Michael Jackson at that time surprise surprise and the chairman of Pepsi Roger Enrico is pretty conservative guy I have never seen him not in a suit. 

And to have Don King walking into Pepsi was a pretty amazing sight. And he said I have got the performer for you – This guy is going to be biggest thing. Roger believed and at that time everybody thought he was foolish. But Roger believed him. Roger took a huge bet. That is probably why he is Chairman today because he had some foresight. But we knew we needed something fresh but Michael was not this big strategic decision that it’s probably been made out to be. 

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MR. SHIVJEET KULLAR 
Also I would like you to comment that actually today we live in age of falling heroes. We are going through some of the biggest scandals in our cricketing things. So, there is a danger too, right? 

MR. RON COUGHLIN 
I mean I would say at this time our reliance on celebrities is much much lower. If you looked at the mid 80’s probably three quarters of commercials that Pepsi produced were celebrity based, now it’s 1/8th of what we produce. So what you try to do is have the brand transcend the celebrity. And more like what you saw in the early life style advertising where the brand stands for the teen and is the proponent of the teen rather than seeing it through celebrity’s eyes especially today because you have had so many issues with celebrities.

MARTIE 
I have seen the days when Pepsi and Coke were freely available in India for 25 paise a bottle and then George Fernandes came and through them out. At that time there were only two companies that were making these drinks. It was duopoly. And today the soft drink market is again duopoly. Marketing is just a matter of being either one and a half up or one and a half down. So, in such a market situation like perhaps in the U.S. I think marketing probably plays a very very small role in consumption of the soft drinks and my comment is that this kind of hype about Coke / Pepsi gives a lot of jobs, lot of employment – but it is lot of hype.

MR. RON COUGHLIN 
The hype that you reference, the infamous cola wars have been amazing for Pepsi and Coke. They create attention on the category and have been a vehicle for growth. So they have been amazing for the category in terms of driving growth.

That is no.1 but no.2 in terms of price if we did not have brand equity we could not sell our products for any price. If people did not think that they said the right thing about them we could not sell them for any price. So price is 100 percent contingent upon equity. 

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It is a relationship there and without marketing continuing the build the equity you would never have the price could not drive the brand within a year the business would be gone. So, there is direct correlation – pricing gets more heated some times depending on economic conditions but you try to minimize the price impact. 

AMRIT SINGH DEO – CRICKET NEXT.COM 
Ron the Internet is the next big thing for the youth, what is Pepsi’s take on that? 

Mr. RON COUGHLIN 
Right now our strategy is admittedly a little diverse. We have probably 15-16 web sites for each country zone activity. I think it is clearly not the way to go – The internet is undoubtedly a major power in teen life and a youth branch like Pepsi, needs to have a focused strategy. I cannot share our’s now. But you will be seeing more from it but that said, there are some exciting things they are doing locally – its Rediff right that you are partnered with?

There is a program called Pepsi-chart that we do web-site stuff with in the U.K. but in terms of a global look that is soon to come. 

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Barc forensic audit in TRP row awaits as Twenty-Four probe gathers pace

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KERALA: A forensic audit commissioned by the Broadcast Audience Research Council (BARC) India has emerged as the centrepiece of the government’s response to fresh allegations of television rating point manipulation involving a regional news channel in Kerala, with both the audit findings and a parallel police investigation still awaited.

Replying to a query in the Lok Sabha, minister of state for information and broadcasting L Murugan, said Barc had appointed an independent agency to conduct a forensic probe into the conduct of senior personnel allegedly linked to the case.

The move followed media reports claiming that a Barc employee had accepted bribes to manipulate viewership data in favour of a regional television news channel.

“The report from BARC is still awaited,” Murugan told Parliament, signalling that the forensic exercise remains ongoing.

Industry specialists say forensic audits are crucial in alleged TRP fraud cases, as they examine internal controls, data access trails, panel household integrity, staff communications and financial transactions. The outcome could determine whether the alleged manipulation was an isolated breach or a deeper systemic weakness in India’s television measurement framework.

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Running alongside the audit, the Kerala Police has formed a special investigation team to probe the allegations. The ministry has sought a preliminary report from the state’s director general of police, including details of action taken on the first information report. That report, too, is yet to be submitted.

The episode has revived long-standing concerns over the vulnerability of India’s TRP system, particularly in regional news markets where competition for ratings is fierce and advertising revenues hinge on weekly viewership rankings.

India’s sole television audience measurement body Barc, has faced scrutiny before, most notably during the nationwide TRP controversy involving news channels in 2020. While tighter compliance norms were introduced in the aftermath, the latest allegations suggest enforcement challenges may persist.

On regulatory consequences, the government said any punitive action against television channels, including suspension or cancellation of uplinking and downlinking permissions, would be governed by the Policy Guidelines for Uplinking and Downlinking of Television Channels issued in November 2022, and would depend on investigation outcomes and due process.

The ministry also pointed to ongoing efforts to overhaul the ratings ecosystem. Television measurement continues to be regulated under the Policy Guidelines for Television Rating Agencies, 2014. Draft amendments were released for public consultation in July 2025, followed by a revised version in November 2025, aimed at tightening audit mechanisms and improving transparency and representativeness.

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In November 2025, Barc said it had taken note of allegations aired by Malayalam news channel Twenty-Four, which linked an internal employee to irregularities in audience measurement. The council said it had engaged a “reputed independent agency” to conduct a comprehensive forensic audit, underscoring the seriousness of the claims.

The ratings system sits at the heart of India’s broadcast advertising economy, shaping billions of rupees in annual ad spends. With trust in audience data once again under strain, advertisers, broadcasters and regulators are closely watching the outcome of the investigations.

Barc has urged industry stakeholders and media organisations to exercise restraint while the probe is underway, calling for an end to “unverified or speculatory claims” and reiterating its commitment to integrity and accountability.

Until the forensic audit and police findings are submitted and reviewed, the government said it would refrain from drawing conclusions.

 

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Rajat Sharma defamation row: Delhi court summons Congress leaders Ragini Nayak, Pawan Khera and Jairam Ramesh

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NEW DELHI: A Delhi court has ordered the summoning of senior Congress leaders Ragini Nayak, Pawan Khera and Jairam Ramesh in a criminal case filed by veteran journalist Rajat Sharma, sharpening a legal battle over alleged defamation and doctored digital content.

The order was passed on Monday by Devanshi Janmeja, judicial magistrate first class at Saket Courts, after the court found prima facie grounds to proceed under multiple sections of the Indian Penal Code, including forgery, creation of false electronic records and defamation.

Sharma, chairman and editor-in-chief of India TV, had approached the court over allegations made in June 2024 that he had used derogatory language against Congress spokesperson Ragini Nayak during a live television debate. He denied the charge, claiming it was fuelled by a manipulated video circulated online.

According to the complaint, a clipped version of the broadcast carrying superimposed captions, which were not part of the original programme, was first shared on social media platform X by Nayak and later amplified through retweets and public statements by Khera and Ramesh. Sharma said the viral spread caused serious reputational harm and personal distress.

The court took note of forensic science laboratory findings that pointed to visible post-production alterations in the video, including added titles and captions. It also cited witness testimonies from those present during the live broadcast, who stated that no abusive or objectionable language had been used.

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In a related civil matter, the Delhi High Court had earlier observed a prima facie absence of abusive remarks and directed the removal of the disputed social media posts.

With criminal proceedings now set in motion, the case adds to mounting scrutiny around political messaging, digital manipulation and accountability on social media platforms.

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Mukesh Ambani, Larry Fink come together for CNBC-TV18 exclusive

Reliance and BlackRock chiefs map the future of investing as global capital eyes India

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MUMBAI: India’s capital story takes centre stage today as Mukesh Ambani and Larry Fink sit down for a rare joint television conversation, bringing together two of the most powerful voices in global business at a moment of economic churn and opportunity.

The Reliance Industries chief and the BlackRock boss will speak with Shereen Bhan, managing editor of CNBC-TV18, in an exclusive interaction airing from 3:00 pm on February 4. The timing is deliberate. Geopolitics are tense, technology is disruptive and capital is choosier. India, meanwhile, is pitching itself as a long-term bet.

The pairing is symbolic. Reliance straddles energy transition, digital infrastructure and consumer growth in the world’s fastest-expanding major economy. BlackRock, the world’s largest asset manager, oversees more than $14 tn in assets and sits at the nerve centre of global capital flows. When the two talk, markets tend to listen.

Fink’s appearance marks his third India visit, a signal of the country’s rising strategic weight for the Wall Street-listed firm, which carries a market value above $177 bn. His earlier 2023 trips included an October stop in New Delhi, where he met both Ambani and Narendra Modi.

India is now central to BlackRock’s expansion plans, notably through its joint venture with Jio Financial Services. Announced in July 2023, the 50:50 venture, JioBlackRock, commits up to $150 mn each from the partners to build a digital-first asset-management platform aimed at India’s swelling investor class.

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The backdrop is robust. BlackRock ended 2025 with record assets under management of $14.04 tn, helped by $698 bn in net inflows, including $342 bn in the fourth quarter alone. Scale gives Fink both heft and a long lens on where money is moving.

He has been openly bullish on India. At the Saudi-US Investment Summit in Riyadh last year, Fink argued that the “fog of global uncertainty is lifting”, with capital returning to dynamic markets such as India, drawn by reforms, demographics and durable return potential.

Expect the conversation to range beyond balance sheets, into technology’s role in finance, access to capital and the mechanics of sustainable growth in a fracturing world order. For investors and policymakers alike, it is a snapshot of how big money is thinking about India.

At a time when capital is cautious and growth is contested, India wants to be the exception. When Ambani and Fink share a stage, it is less a chat and more a signal. The world’s money is still looking for its next big story, and India intends to be it.

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