Global food and beverage major PepsiCo on Sunday announced an investment of $500 million over the next three years in order to triple its revenues from the country.
Describing India as a major focus area for the company, chairperson and CEO Indra Nooyi said that the target set is conservative and can easily be surpassed.
“India is one of out top three fastest growing markets and the biggest in terms of growth potential,” Nooyi said. “We are extremely bullish and confident of the market here and the target to triple our revenues could be exceeded given the potential here.”
In 2001, the company had announced a similar investment plan for the country for the next five years. Nooyi said it was easily exceeded. “In the process, our topline and bottomline both grew in double digits,” she added.
Though the company refused to give a break up of the investment, Nooyi said it would go towards manufacturing capacity expansions, agriculture, research and development, marketing infrastructure and ensuring environmental sustainability.
The company’s 26-member executive committee will meet here for the first time over two days starting Monday.
Pepsico has so far invested $700 million in India since its inception in 1989, and provides employment to 1,50,000 people directly and indirectly. It has 43 bottling plants in the country out of which it owns 15 and the rest are franchises.
The new investment will add another 50,000 direct and indirect jobs.
The company has also announced a pilot project in consonance with United Nation’s Millennium Development Goal to eradicate extreme poverty and hunger.