Betting big on India, beverages giant Coca-Cola said on Tuesday it would pump in an additional $3 billion over the next eight years. That would take the firm’s total investment in the country to $5 billion by 2020. India was the seventh-largest contributor to Coca-Cola’s sales volume in 2011.
Coca-Cola had indicated in November last year that it would invest $2 billion over a five-year period. On Tuesday, the cola giant confirmed it had put to work $2 billion between 1993 and 2011.
“Coca-Cola will invest $5 billion in India between now and 2020, which is part of a $30-billion global investment plan,” chief executive and chairman, Muhtar Kent said. He said the idea was to make India the fifth largest among Coca-Cola’s markets worldwide.
Compared with Coca-Cola, PepsiCo has lagged behind in scaling up its business in India. Since 2008, PepsiCo has invested $1 billion in two tranches, the first in 2008 and the next September 2010.