(AP) - PepsiCo plans to invest $5.5 billion in India by 2020 as it focuses on growth in emerging markets.
The maker of Mt. Dew, Gatorade and Frito-Lay chips plans to spend the money on new products, agriculture programs, selling infrastructure and manufacturing capabilities.
PepsiCo wants to more than double production in India within about 7 years. The company believes that its endeavors will add more than 100,000 jobs in the country.
Chairman and CEO Indra Nooyi said that India has huge potential and that PepsiCo has only scratched the surface of the long-term growth opportunities there.
The shift follows Coca-Cola Co.'s announcement last year that it would invest $3 billion in India over an eight-year period to increase its stake in the expanding market.
Shares of PepsiCo Inc., based in Purchase, N.Y., fell 10 cents to $85.75 by midmorning, in line with broader market action.