Coca-Cola says it will invest $5 billion in India by 2020 - nearly triple more than originally planned - as it looks to capitalize on the growing market in the South Asian country.
CEO Muhtar Kent said in a statement Tuesday that the additional $3 billion investment should help the company double its sales in India by the end of the decade.
Coca-Cola has seen some of its biggest gains recently come from emerging markets, such as China and India. The company is the world's leading producer of non-alcoholic popular beverages, including Coke, Sprite and Minute Maid.
Since re-entering the Indian market in 1993, the U.S.-based beverage maker has invested about $2 billion.
India's government has for years heavily regulated the country's marketplace to foreign investors, especially large retailers, in an effort to protect farmers and small shopkeepers.
But last year, New Delhi eased restrictions, allowing foreign retailers more access to its $450 billion retail market. The government gave the green light to allow foreign retailers to invest up to 51 percent in multi-brand retail such as supermarkets. Foreign companies can now invest up to 100 percent in single-brand retailers.
Some information for this report was provided by AP and AFP.