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| PepsiCo to hold global board meet in India this year |
| Press Trust of India / New Delhi Aug 31, 2009, 20:42 IST |
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Treating India as a market of strategic importance, soft drink major PepsiCo will hold later this year, its global board meeting in the country only for the second time outside the US.
"This would be the first time that PepsiCo would hold its annual global board meeting in India," a PepsiCo spokesperson told PTI. The $43-billion PepsiCo is headed by India-born Indra Nooyi.
He said India has been a growing market for the company despite the slowdown. The company's sales have grown 33-35 per cent last year in the world's second fastest growing economy.
"The significance of the event is that it shows that India is an important market for the company. Several initiatives and significant investments were made to improve its business in the country," he said.
Last year, PepsiCo held meeting of its 26-member executive committee in India in September.
"This is the second time their annual general board meeting is being held outside the USA. The first time was in Mexico 5 years ago," he said.
The company said, besides the Chairperson and the Chief Executive Officer Indra Nooyi and the Vice-Chairman and PepsiCo International Chief Executive Officer Michael White there would be 11 independent directors attending the meeting.
Pepsico had announced that it will invest Rs 1,000 crore in its beverages business this year to increase its manufacturing capacity, supply chain and R&D.
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