PepsiCo Inc announced on Monday its intention to invest £3.4bn in India by the year 2020. India is one of PepsiCo's largest markets and the multi billion dollar food and beverage corporation hopes that a rising Indian middle class will provide even greater opportunities for its products, which include Pepsi, Doritos and Tropicana.
PepsiCo chairman and chief executive officer, Indra Nooyi said:
India is a country with huge potential and it remains an attractive, high-priority market for PepsiCo. We’ve built a highly successful business in India over the course of many years, and we believe we’ve only scratched the surface of the long-term growth opportunities that exist for PepsiCo and our partners. This investment is PepsiCo’s vote of confidence in India’s future and it represents our deep commitment to this great country.
The company said it intended to double production capacity and expand its product range. It is also hoping to expand into rural markets through improving its distribution network. PepsiCo announced it would be expanding its collaborative farm programme, which currently assists 24,000 farmers.