Mumbai, Nov. 11: The 13-member PepsiCo global board assembled in Mumbais Taj Mahal Palace & Tower today to kick off a three-day meeting that is expected to take some key decisions.
The high profile board, headed by PepsiCo chairman and managing director Indra Nooyi, is expected to do some serious stocktaking on how the business has fared in the subcontinent, said sources.
Nooyi, who has called the meeting in India a historic event, has made it amply clearly that this is one of the companys top three growth markets, and it is not surprising that Indias performance and potential will be one of the key areas of discussion.
A statement by PepsiCo India said, In view of the major role we expect India to play in our future growth, our global board is meeting here this week to learn more about India, the market, our business strategies and the progress we are making in environmental, human and talent sustainability.
The high-powered board includes corporate chieftains such as Novartis CEO Daniel Vasella, Ian M. Cook, president and CEO of Colgate Palmolive, James J. Schiro, CEO of Zurich Financial Services, Shona L. Brown, senior vice-president of Google Inc, and Michael D. White, CEO of Pepsico International and vice-chairman of PepsiCo.
This is the second time that the PepsiCo board is meeting outside the US.
They (the board members) will also take an in-depth look at how our business and product lines are evolving to address the varied and changing needs of Indian consumers, PepsiCo India said.
During their stay in India, the members will get familiar with the subcontinent, including its politics, culture and cuisine.
So far, the cola company has invested a billion dollars in the two decades it has done business here. It has also pumped in $220 million this year to expand operations. This investment includes $70 million that has been put in by PepsiCos bottlers in India.
The US company is eager on the Indian market because of its young population and the need for custom-made products. It has brought in several innovations that are tailor-made for the Indian market, including package nimbu paani Nimbooz and the Aliva range of baked savouries.