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PepsiCo gets govt’s nod to invest Rs928 cr

PepsiCo gets govt’s nod to invest Rs928 cr
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First Published: Wed, Dec 02 2009. 12 24 AM IST
Updated: Wed, Dec 02 2009. 12 24 AM IST
New Delhi: Food and beverage maker PepsiCo India Holdingsp Pvt Ltd has got approval from the Foreign Investment Promotion Board (FIPB) to infuse Rs928 crore as fresh investment into India.
According to a government release on Tuesday, post FIPB clearance, the company’s proposal has been recommended for the consideration of the Cabinet Committee on Economic Affairs or CCEA. In November this year, the government had however deferred PepsiCo’s proposal to invest $200 million (about Rs930 crore) in the next three years. In June this year the company had announced the plan to invest additional funds in areas such as building new capacities, strenthging marketplace infrastructure and in research and development.
“Based on the recommendations of FIPB in its meeting held on 20 November, 2009, government has approved 17 Proposals of foreign direct investment amounting to Rs4551.05 crore approximately,” the release said.
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First Published: Wed, Dec 02 2009. 12 24 AM IST