** Goldman Sachs initiates coverage on Varun Beverages VARB.NS with "buy" and PT of 600 rupees

** Pepsi's PEP.O India bottler has multiple drivers to outperform the country's fast-growing ready-to-drink beverages market, says Goldman Sachs

** VARB's execution has led to Pepsi's market share in India growing to 38% in 2024, from 28% in 2015, making India one of Pepsi's top-performing markets worldwide - GS

** Stock trading 0.3% lower on the day

** Brokerage expects VARB to continue to gain market share in fast-growing segments like energy drinks and hydration

** Adds, entry of Reliance Consumer's 'Campa Cola' brand indicates no "disruptive" impact to VARB

** Average rating of 22 analysts on VARB is "buy"; median PT is 615 rupees - data compiled by LSEG

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))