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INDUSTRY AND COMPETITIVE CONTEXT India's carbonated soft drink market has been shaped by regulation as much as by consumer taste. In 1977, Coca-Cola exited India rather than comply with the Foreign Exchange Regulation Act (FERA), which would have required it to reduce its equity stake to 40 percent. It declined to do so, and the company left. Parle, led by Ramesh Chauhan, launched Thums Up the same year to fill the gap. The drink was widely described as stronger and fizzier t