India: PespiCo follows Coca Cola’s lead with major investments
PespiCo has announced plans to increase production in India with funds going towards manufacturing and agriculture.
This investment will see the expansion of the PepsiCo production line in India, where eight established brands (Pepsi, Lay’s, Kurkure, 7UP, Slice, Mirinda, Mountain Dew and Aquafina) are already generating 1000 crore rupees in annual sales, according to the company. Pepsi Co aims to double current levels of production in India by 2020, as well as boosting logistics infrastructure throughout the country, with a particular focus on rural market expansion. It also plans to expand its collaborative farming program, which provides farmers with access to quality seeds, technical agronomic expertise, bank loans and crop insurance. This further expansion is promised to create up to 100,000 jobs.
Chairman and Chief Executive Officer Indra Nooyi commented: “We will be guided by Performance with Purpose, PepsiCo’s vision for building a profitable and sustainable 21st century corporation that is a good investment for our shareholders, a good environment for our employees, a good citizen in our communities and a good steward of our planet’s resources.”
PepsiCo follows in the footsteps of its competitor Coca Cola which only recently unveiled plans to invest $5 billion in India by 2020, developing non-alcoholic products.
Source: Food Business News