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PepsiCo India on Sunday said it will invest Rs 514 crore over three years, to set up greenfield snacks manufacturing plant in Uttar Pradesh.
The new investment plan is in line with PepsiCo’s goal to double its snacks business in the country by 2022 and is expected to help create over 1500 jobs (direct and indirect), the company said in a statement.
“PepsiCo is committed to growing its food and beverage business sustainably in India. As we expand our operations, we will look forward to a fruitful association that will not only help create jobs and enable ancillary industries but also ensure the socio-economic progress of potato farmers in the state,” said PepsiCo India president & CEO, Ahmed ElSheikh.
As part of this project, PepsiCo India would expand its backward integration with local farmers and the company will set up a cold storage facility to enable the supply chain.
PepsiCo India currently sources all the potato used in Lay’s and Uncle Chips from local farmers under its agri program for which it works with 24,000 farmers across 13 states through various agri and sourcing initiatives.