Coca-Cola and its local bottlers said Tuesday they intend to invest US$5 billion in India by 2020 – US$3 billion more than originally planned – after posting major growth there earlier this year.
The investment should enable the group to double its sales in the country by the end of the decade, CEO Muhtar Kent said in a company statement.
Coca-Cola was first allowed into India in 1993, a move that signaled the opening of the now fast-growing Asian economy.
The boost in investment announced today represents a major expansion for the company, which has invested just US$2 billion in India in the last 19 years.
The country is already one of the top ten largest markets for Coca-Cola.
Surging sales in emerging markets like India, China and Brazil gave earnings at Coca-Cola a solid boost in the first quarter of this year, the company said in April.
The Atlanta, Georgia-based company said global volume and value share grew across its entire range of non-alcoholic drinks.
Volume growth was a hot 20 percent in India and nine percent in China, while in mature markets it was steady – two percent in North America, and three percent in both Germany and Japan.
The growth was strongest in its still beverage divisions, which include bottled water, bottled and canned coffee and tea, and sports and energy drinks.
The world’s leading producer of non-alcoholic popular beverages includes the brands Coke, Fanta, Sprite, Vitaminwater, Powerade, Minute Maid, and Del Valle.