Pepsi to invest 500 million dollars in India: report

Business Materials 22 September 2008 04:31 (UTC +04:00)

(AFP) - US soft drinks giant PepsiCo Sunday announced plans to invest 500 million dollars in India over the next three years, a report said Sunday.

The fresh injection of funds is expected to generate tens of thousands of new jobs in India, the Press Trust of India news agency reported quoting chief executive Indra Nooyi.

"As a tangible sign of our continued confidence in India, I am delighted to announce that we will be investing 500 million dollars in the next three years with the goal of tripling our business here," Nooyi was quoted as telling reporters in New Delhi.

The investment would be spent on increasing manufacturing capacity and market infrastructure as well as research, product development and agriculture, the report said.

Nooyi said the company was also looking at acquiring local brands or companies.

"We have billions of dollars to target companies in India," she said.

PepsiCo has invested 700 million dollars since the company set up base in India in 1989 and employs more than 60,000 people.