By Ratna Bhushan
Copyright indiatimes
PepsiCo’s global chairman and CEO Ramon Laguarta met Prime Minister Narendra Modi in New Delhi on Tuesday, the first such high-profile interaction between South Block and a top US CEO after the recent tariff row between the two countries.This is the first ever meeting between the PepsiCo boss and Modi in India and also the first time in at least a decade that the company, which sells aerated drinks including Pepsi cola, 7 Up and Mountain Dew, has flown down its entire board to India.The PepsiCo senior leadership is on a three-day India visit as part of their quarterly executive committee meeting-which is hosted around the world. A day in Delhi and two days in Hyderabad, where PepsiCo’s GCC is headquartered, is part of the schedule. Earlier this April, the company flew in over two dozen senior executives of its snacks business from around the world led by Laguarta. PepsiCo declined to comment on the development. The meeting comes weeks after the GST Council hiked taxes on sugary aerated drinks from 28% to 40% effective September 22 clubbed under ‘sin tax’, despite sustained lobbying by the packaged beverages sector to introduce sugar-based tax slabs.Currently, all aerated drinks, including no-sugar, low-sugar and fruit-based drinks, are taxed at 28% in addition to 12% compensation cess, taking the overall tax to 40%. So, there will be no net impact on the consumer prices of these products.Live EventsOn Tuesday, India and the US also held trade talks with a US delegation in New Delhi led by US trade representative for South Asia Brendan Lynch to work out a crucial trade deal, weeks after US president Donald Trump had announced an unprecedented 50% tariffs on Indian exports citing India’s purchase of Russian oil.The US president had also termed India “a dead economy”. But last week, there has been easing of tensions between the two countries, with Trump stating he was “optimistic about concluding a trade agreement with India.” The New York company has identified India as one of its 13 core global anchor markets, which it expects will contribute more than 85% to its future growth amid global headwinds, given India’s low penetration of packaged soft drinks and an exploding snacking market.For the 12-month to December 31, 2024, PepsiCo India had reported revenue of ₹8,877 crore and profit after tax of ₹883.4 crore, as per its regulatory filings. The company had said these numbers are not comparable to the previous year, since it switched its reporting calendar from financial year (April-March) to the calendar year. The previous filing was for the nine-month period between April 2023 and December 2024, when the company reported consolidated revenue of ₹5,954.2 crore and profit of ₹217.3 crore.Add as a Reliable and Trusted News Source Add Now!
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