PepsiCo announces USD 1 billon investment in Russia | business | Hindustan Times
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PepsiCo announces USD 1 billon investment in Russia

business Updated: Jul 07, 2009 11:09 IST

US soft drink giant PepsiCo said on Tuesday that it would boost investment in Russia by one billion dollars, topping the list of US trade deals expected during President Barack Obama’s visit to Moscow this week.

The increased investment will bring PepsiCo’s total outlay in Russia to USD 4 billion, the company said in a statement, adding the investment would be spread over the next three years.

“I am delighted to announce that over three years we expect to invest one billion dollars in our beverage and food businesses in Russia,” PepsiCo chief executive Indra Nooyi said in the statement.

“This investment reflects very clearly our great confidence in Russia and our long-term commitment to this very important market,” he added.

PepsiCo is among the US firms to participate in a US-Russian business summit on Wednesday that aims to capitalise on a “reset” of ties expected from Obama’s meeting with Russian president Dmitry Medvedev.

“Investors hope to hear some positive comments - the start of a process that ‘clears the air´ on a number of investment issues, as well as in the political sphere,” said Chris Weafer, chief strategist at UralSib bank.