New Delhi: Global beverages major Coca-Cola on Monday said it will contribute, along with its partners, over USD 1.7 billion (Rs 10,943 crore) in next five years to the Indian agriculture ecosystem.
To be contributed by the company, its bottling partners, fruit suppliers and processors, the amount will be for the entire supply chain from "grove to glass through a concept called 'Fruit Circular Economy'," Coca-Cola India said in a statement.
"Close to USD 800 million (Rs 5,150 crore) of this contribution would be towards procurement of processed fruit pulp and fruit concentrate for the Coca-Cola Company's ever increasing portfolio of juice and juice drinks and carbonated drinks with juice products in India," it said.
The company further said it is also working on a transitional journey focused on creating sustainable agriculture by using a variety of Indian fruits in its beverages under juice and aerated drinks categories.
Through this initiative company's bottling arm Hindustan Coca-Cola Beverages, 13 other independent franchise bottlers and fruit processing companies will invest around USD 900 million (Rs 5,793 crore) over the next 5 years.
The investments would be on manufacturing lines, juice bottling infrastructure and fruit processing plants and equipment and agriculture interventions to support demand and grow range of the company's non-carbonated drinks portfolio, it added.
Coca-Cola India and Southwest Asia President T Krishnakumar said: "The investments announced today by Coca- Cola will further catalyse economic growth and create new opportunities for farmers and local suppliers."
The company, which today launched a new Minute Maid Pulpy Mosambi, said it would also expand its juice product range. "We have already expanded our Minute Maid juice range from one variant in 2007 to 11 variants in 2017 and if we are to realise our portfolio ambitions of being a total beverage company, we must invest in the agri ecosystem," he added.
Coca-Cola said an estimated 2 lakh farmers will benefit from its five year roadmap of sourcing fruit pulp and fruit concentrate derived out of 2.10 million tonnes of fruit. Hindustan Coca-Cola Beverages and Jain Irrigation have already invested on Project Orange Unnati and Project Mango Unnati working on technology like Ultra High Density
Plantation and Micro Irrigation System for enhanced produce. Currently, the company procures and exports raw materials and ingredients worth USD 280 million (Rs 1,802 crore) from India to 44 countries....