Soft-drink maker PepsiCo has been allowed to invest an additional $200 million in its Indian subsidiary, PepsiCo India holdings, within a period of three years, human resource development minister Kapil Sibal said after a cabinet meeting. The cabinet committee on economic affairs approved PepsiCo’s investment plan after a clearance from the FIPB.
PepsiCo India is planning to invest over $170 million, with its bottling partners investing the balance amount. This is so far the largest investment by PepsiCo in its beverage business after its entry into India in 1989. These new investments will be spread across supply chain, fruit processing, agriculture, manufacturing capacity, market infrastructure, and research and development.
Over the next three years, capacities will be augmented in various locations, including the setting up of new greenfield plants, the company says. It has already begun scouting around for suitable locations, and will focus on states that offer the best investment environment. With this move, PepsiCo’s total investment for which it has approvals will increase to $655 million. It has invested around $1 billion in India so far. India is among the fastest-growing markets for both of the world’s largest soft drink companies—PepsiCo and Coca-Cola.
The committee also gave nod to the revised scheme of information and communication technology during the eleventh plan. While an estimated amount of Rs 6926.13 crore would be required for this during the eleventh plan period the funding will be provided on a 75:25 sharing basis between centre and states.
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