As the board of soft drinks giant PepsiCo prepared for a global meet in Mumbai today, the company's chairman and chief executive officer Indra Nooyi called it a historic event, and said India is one of the top three markets for the beverages maker.
''India is among the top two or three markets for every food processing company in the world because it is a young and growing country. For PepsiCo, it is one of the top three growth markets. And we intend to be here for a long time,'' she said at a meeting organised by the United States-India Business Council (USIBC) and CII in New Delhi on Tuesday.
This is the second time that PepsiCo's global board is meeting outside the US, after Mexico five years ago. Nooyi said the company's board members have come to India to understand its market. ''We want to show them the glory of India and the issues in India so that we propose solutions,'' she said.
The of directors' meeting in Mumbai will be attended by PepsiCo International chief executive Michael D White and 11 independent directors, including Novartis AG chairman and chief executive Daniel Vasella and Colgate-Palmolive president and chief executive Ian M Cook.
Nooyi said the Indian economy is vibrant and should be focused on growth. ''You cannot just import western solutions to India. You have to crack solutions which are right for India, right for its people and right for its farmers,'' she said.
Speaking about the impending visit of prime minister Manmohan Singh to the US later this month, Nooyi said the leaders of India and the US will use the visit to set a new course to fully capture the growth potential of the two economies. Nooyi, who is also the chairwoman of the USIBC, met industry leaders in the capital on Tuesday to discuss the agenda ahead of Singh's visit.