PepsiCo Inc, the maker of Pepsi-Cola, Frito-Lay snacks and Tropicana juice, plans to invest $5.5 billion in India by 2020 to expand its presence in the country, it said on Monday.
PepsiCo's plans come after rival Coca-Cola Co, the world's largest drinks maker, said in June last year it would invest a total of $5 billion between 2012 and 2020 to grow its business in Asia's third-largest economy.
PepsiCo and Coca-Cola's investments, driven by a growing middle class with higher disposable incomes, are likely to be welcomed by Indian officials who are trying to restore foreign investor confidence after growth has fallen to a decade-low.
"India is a country with huge potential and it remains an attractive, high-priority market for PepsiCo,"Chief Executive Officer Indra Nooyi said in a statement.
"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,"said Indian-born Nooyi on a visit to the country.
PepsiCo and its partners plan to invest in expanding their product range, doubling production capacity and improving their sales and distribution network, especially in rural markets, the company said.
PepsiCo says to invest $5.5 bln in India by 2020
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