New Delhi: The government has deferred a
decision on Pepsico India Holding's proposal to invest 200
million dollars (about Rs 930 crore) in the next three years.
The company had sought the approval to invest an
additional 200 million dollars over a period of three years
that would take its overall investment in India to 655 million
dollars from the current 455 million dollars.
The proposal for induction of foreign equity (by Pepsico)
has been deferred, an official statement said, without
specifying reasons for the deferment.
Sources, however, said the Department of Revenue had
asked the Foreign Investment Promotion Board (FIPB) to defer
Pepsico's proposal as the beverages and snacks major was yet
to furnish some information sought by them.
Pepsico manufactures and markets carbonated soft drinks
and other beverages under the brands such as Seven Up, Nimbooz
and Pepsi. It also sells snacks under a separate division
Frito-Lay.
Bureau Report
First Published: Tuesday, November 17, 2009, 21:16