Pepsico's Rs 928 cr investment proposal referred to CCEA

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.