By Zanub Saeed
Coca-Cola announced that it will spend $5 billion as part of its expansion plan into India by the year 2020, which would include adding capacity of their products to meet the demand of the consumers in the ever-growing Asian nation, the second most populous in the world, after China.
Chief Executive Officer Muhtar Kent revealed that Coca-Cola will invest $30 billion overall globally in the next five years on new plant facilities and sales networks, said a report in BusinessWeek on Tuesday, during a press conference held in New Delhi.
"Achieving continued sustainable, responsible growth in India is core to achieving our 2020 Vision of doubling system revenues in this decade," Kent, Chairman and CEO, The Coca-Cola Company, said at the press conference, as noted in a press release issued by The Coca-Cola Company on Tuesday. "Our ongoing investment in India is focused on delivering innovation, partnerships and a portfolio that enhances the consumer experience, ensures product affordability and builds brand loyalty to deliver long-term growth."
Reported, about 12 Coca-Cola products are consumed per person on a yearly basis in India, compared to 38 in China, 40 in Kenya, and 92 on average around the world, said the BusinessWeek report via Kent, and hopes that India's growing adolescent population and modernized lifestyles will draw more Coke and subsequent products consumers. India, said Kent, was in the top five nations being targeted by Coca-Cola to distribute its products, which went up from seventh place previously.
Atul Singh, President and CEO, Coca-Cola India and Southwest Asia, said for the press release, "India is a strategic growth market for The Coca-Cola Company, ranking among our top 10 markets in volume globally and as the largest market in the Eurasia and Africa Group.
"Our India business has been growing at a robust rate over the last five years, and our goal is to continue this momentum. The country's demographics, economic and social parameters are all huge drivers of growth and we have to ensure that we continue to grow our offerings to be the non-alcoholic, ready-to-drink beverage company of choice for local consumers."
