PepsiCo Hikes Investment To Rs 814 Crore In UP Plant To Meet Increasing Demand

• The American-based snacks, food, and beverage company PepsiCo increase its investment in its Uttar Pradesh plant to meet the increase demand.
• The company aims to double its business growth and increase its existing food plants in West Bengal and Maharashtra.

PTI: The American-based snacks, food, and beverage company PepsiCo increase its investment in its Uttar Pradesh food plant to meet the increasing demand in the country.

The company aims to double its business growth from its beverage and snacks business and increase its existing food plants in West Bengal and Maharashtra.

PepsiCo is one of the world's largest food and beverage company, operating since 1990 in the country.

Also Read: RTGS To Become 24x7x365 Available From December 2020, Says RBI

"While there have been some short-term headwinds due to COVID-19, we at PepsiCo are extremely optimistic about the future and are committed to providing consumers the right portfolio of products across food and beverages," PepsiCo, President, Ahmed ElSheikh told PTI.

According to the industry reports, India will be the third-largest consumption market for PepsiCo by 2025.

He further said "We are committed to double our snacks business in India. In fact, we have increased our investment in our new greenfield snacks plant in Uttar Pradesh from Rs 500 crore to nearly Rs 814 crore, this has generated over 1,500 jobs, enabling a local sourcing ecosystem."

"With the Indian FMCG industry slowly showing signs of revival in COVID impacted world, we have adapted quickly and re-strategize our price-pack programmes, enhanced consumer engagement initiatives and doubled down attention on both B2C and B2B distribution models to meet consumer demand," he added.

According to the latest filing by the company, PepsiCo has increased its profit from Rs 36 crore to Rs 329 crore in the FY 2019-20. The company is further looking to boost its growth and expansion in the country.

"PepsiCo India's transformation journey remains on track -- third successive year of profit in FY 2019-20 which has been all about building 'a faster, stronger, better company' in India," he said.

The news was first published on PTI (Press Trust of India).

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.