INDIA BUSINESS WORLD - APRIL 16th - MAY 10th - 2008
COCA-COLA’S $52.54 MILLION INVESTMENT PLAN FOR INDIA CLEARED
The government has approved soft drink major Coca-Cola’s $52.54 million (around Rs 205 crore) investment plan for India. The investment will be made in Hindustan Coca Cola Holdings (HCCH) by its parent company for capital expenditure of Hindustan Coca Beverages (HCCB), the bottling subsidiary of Coke. The capex by Atlanta-based company is part of its earlier plan to invest $ 250 million in India.
“The proposed investment would be subject to compliance with SEBI and RBI pricing guidelines and adherence by the company of the RBI’s notification regarding issuance of share against application money which the company had proposed to do by March 2008,” a spokesperson told reporters after the meeting of the Cabinet Committee on Economic Affairs (CCEA).
The CCEA also gave its nod to Agricultural & Processed Food Products Export Development Authority (APEDA)’s plan to invest Rs 429 crore for giving a push to agricultural and processed food exports by improving infrastructure and extending transportation assistance to exporters of these products.
The two schemes will be implemented by the APEDA will aim at increasing the exports of the Apeda-monitored products to Rs 36,510 crore in the next five years from Rs 21,150 crore at a compound annual growth of 11.5%.
“After two years of operation of the scheme, a comprehensive study will be done to assess its impact,” the official said.
The CCEA also gave its approval to finalising the issues relating to market access and Rules of Origin for the third round of Global System of Trade Preferences (GSTP) during the Ministerial Meeting later this month in Ghana.
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