PepsiCo announces $500 million investment in India (Lead)September 21st, 2008 - 6:25 pm ICT by IANS
Gurgaon, Sep 21 (IANS) PepsiCo chairperson and chief executive Indra Nooyi Sunday announced an investment of $500 million in India over the next three years to triple revenues by 2014.The investment would be spread over manufacturing, market infrastructure, environment sustainability initiatives, research, new products and agriculture, Chennai-born Nooyi said.
“The new investment will contribute 50,000 new direct and indirect jobs to the Indian economy,” she said at a press conference here.
“India is among the top five market of PepsiCo and we remain extremely bullish on the country, she added
Nooyi is in India to chair the $39-billion food and beverages giant’s two-day annual conclave from Monday.
Besides Nooyi, some of the top executives expected at the meeting include chief executive and vice chairman Michael D. White, senior vice president and general counsel Larry Thompson, and PepsiCo UK president Salman Amin.
PeosiCo, which entered India in 1989 mainly as a beverages company, has invested $700 million in the country so far. It has 43 bottling plants in India, of which the company owns 15, while the rest are operated by franchisees.
It also has three factories to manufacture the Frito-Lay range of potato chips, Cheetos extruded snacks, and traditional Indian snacks under the Kurkure and Lehar brands.