The company, which has so far invested USD 2 billion in the country since its entry in 1989, said the investment will be made to strengthen its capability in various strategic areas, including innovation, manufacturing, infrastructure and agriculture.
"The Rs 33,000 crore investment, which we are making is going to cover both food and beverages and over the next seven years we will more than double the capacity of our business, "PepsiCo Chairman and CEO Indra Nooyi told PTI in an interview.
PepsiCo's announcement comes more than a year after its arch rival Coca Cola had said it, along with partners, would invest USD 5 billion in India by 2020 on various activities, including setting up of new bottling plants.
PepsiCo has 42 plants across India, including franchises.
Apart from cold drinks like Pepsi, 7UP, Mirinda and Mountain Dew, it sells snacks under Lehar, Uncle Chipps and Kurkure brands among others.
While Nooyi did not elaborate on new manufacturing units that may come up, she said the investments will also cover building all the infrastructure in the supply chain, which goes with doubling its business, including sourcing of fruits, potatoes, oats and oranges.
Stating that the firm has eight brands with over Rs 1,000 crore turnover in India, Nooyi said: "We have product portfolio and innovation pipeline around the world that is fantastic in food and beverages and snacks and our goal is to put in the pipeline, put in the infrastructure, built the supply chains and we can start bringing all those products to market here."
When asked about the upcoming elections in India and its implications on the investment climate in the country, she said: "We are not guided by elections. We are guided by potential of India. We are not waiting for any election results to invest in India. We are investing in India for its economic story.