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PepsiCo India on Sunday said it plans to invest about Rs514 crore over three years, to set up a greenfield snacks manufacturing plant in Uttar Pradesh.
The snacks and beverage major said that this is in line with its strategy to double its snacks business in the country by 2022.
The company’s senior leadership signed a MoU with the Uttar Pradesh government at the ground-breaking ceremony of the investor summit in the state.
In a statement, Ahmed ElSheikh, President & CEO, PepsiCo India, said, “PepsiCo is committed to growing its food and beverage business sustainably in India. As we look to double our snacks business over the next few years, we intend to invest Rs 514 crores approx. to expand our footprint in Uttar Pradesh.”
“PepsiCo’s new facility, once finalised, will act as a hub to address the growing demand for our well-loved snacks products amongst consumers in the state and beyond,” he added.
As part of this project, PepsiCo India said it would expand its backward integration with local farmers and will also set up a cold storage facility to enable the supply chain.
The company said this facility is expected to help create over 1500 jobs (both direct and indirect).
“PepsiCo’s planned investment is in line with the Uttar Pradesh State Government’s industrialization-led growth focus and, if built, will create broader socio-economic opportunities for farmers, youth and the skilled workforce in the state,” the company added.
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