'As a tangible sign of our continued confidence in India, I am delighted to announce that we seek to invest a further US$500 (S$713.65) million over the next three years with the goal of tripling our business,' Mr Indira Nooyi told reporters at a news conference near India's capital.

The investment would be spread over manufacturing capacities, marketing infrastructure, resources and developments, the company said in a statement.

The annoucement comes a day ahead of Pepsico's 26-member senior leadership team executive committee meeting, which starts on Monday.

Pepsico, which entered India in 1989, has invested more than US$700 million in the country so far.

Pepsi and its bigger rival Coca-Cola Co increasingly rely on developing markets like China, India and Russia for growth, as North American sales of traditional soft drinks like colas have slowed amid a growing consumer emphasis on health and an economic slowdown. -- REUTERS