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PepsiCo set to invest over US$5b in India to raise output
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US soft drinks giant PepsiCo said yesterday it would invest over US$5 billion with its partners in India to raise production, saying it had only “scratched the surface” of the Asian giant’s potential.
PepsiCo said the investment by 2020 in India, one of its largest markets globally, would strengthen its capabilities manufacturing, infrastructure and agriculture.
“India is a country with huge potential and it remains an attractive, high-priority market for PepsiCo,” said PepsiCo chairman Indra Nooyi.
“We’ve built a highly successful business in India over the course of many years, and we believe we’ve only scratched the surface of the long-term growth opportunities that exist for PepsiCo,” she said in a statement.
“This investment is PepsiCo’s vote of confidence in India’s future.”
The announcement is welcome news for the embattled Congress-led government, which has been struggling to attract foreign direct investment in the face of corruption scandals, a weakening rupee and slowing economic growth.
PepsiCo and its bottling partners aim to more than double production capacity in India by 2020. They now have some 38 bottling plants and three food plants in the country.
Last year Coca-Cola Co said it would spend US$5 billion in India over the next seven years to lift operations.
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