New Delhi: The government has recommended
Pepsico India Holding's proposal to invest Rs 928 crore to the
Cabinet Committee on Economic Affairs (CCEA).
The company had sought approval from the government to
invest an additional Rs 928 crore (200 million dollars) over a
period of three years.
The proposal has been recommended for consideration of
CCEA, as the initial approval was granted by the Cabinet
Committee on Foreign Investments (now CCEA), an official
statement said.
If the proposal to bring in 200 million dollars is
approved, Pepsico's overall investment in India will go up to
655 million dollars from the current 455 million dollars.
The Foreign Investment Promotion Board (FIPB) had earlier
deferred the proposal by Pepsico as the firm had not furnished
some information sought by the Department of Revenue, sources
said.
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.
Pepsico India Chairman Sanjeev Chadha had told PTI
earlier that going forward, over the next three years, the
company could invest an estimated Rs 700 crore to set up four
new food and beverages projects.
PTI
First Published: Tuesday, December 01, 2009, 23:06