The New Nation - Internet Edition

Reuters, New Delhi

PepsiCo Inc will invest a further $500 million in India over the next three years, tripling its business in the country, its chief executive said on Sunday.

"As a tangible sign of our continued confidence in India, I am delighted to announce that we seek to invest a further $500 million over the next three years with the goal of tripling our business," Indira Nooyi told reporters at a news conference near India's capital. The investment would be spread over manufacturing capacities, marketing infrastructure, resources and developments, the company said in a statement. The announcement comes a day ahead of Pepsico's 26-member senior leadership team executive committee meeting, which starts on Monday. Pepsico, which entered India in 1989, has invested more than $700 million in the country so far.

Pepsi and its bigger rival Coca-Cola Co increasingly rely on developing markets like China, India and Russia for growth, as North American sales of traditional soft drinks like colas have slowed amid a growing consumer emphasis on health and an economic slowdown.