Looking to build its presence in an expanding emerging market, Coca-Cola (NYSE:KO) has announced plans to spend $3 billion to enhance its operations in India over the next eight years. During the first quarter of the year, Coca-Cola’s volume sales rose 20% in India, compared to just 2% for North America.
The new investment comes on top of previously announced plans to spend $2 billion in India by 2020, the Associated Press noted.
Company officials said they hoped to maintain the iconic brand’s growing penetration of the Indian market, led by sales of its Sprite and Thums Up soft drinks. Coca-Cola plans to spend more than $30 billion over the next five years to build its production and distribution infrastructure in emerging markets worldwide.
The company recently announced that it would be returning to the formerly closed country of Myanmar after a 60-year absence as that country transitions to democratic rule.
Shares of Coca-Cola moved fractionally lower in early Tuesday morning trading.