PepsiCo Inc’s global chairman and chief executive Ramon Laguarta met Prime Minister Narendra Modi on Tuesday evening, underscoring the growing weight of India in the food and beverage giant’s global playbook. The high-profile meeting comes as trade frictions between Washington and New Delhi continue to simmer, even as India raised GST on sugary aerated drinks to 40 percent.
This was Laguarta’s first formal interaction with Modi in India, and the first time in a decade that PepsiCo’s entire global board has flown into the country. The $91.8 billion New York-headquartered company has named India one of its 13 global anchor markets, expected to drive more than 85 percent of PepsiCo’s future growth.
The visit, spread across three days with stops in Delhi and Hyderabad—where PepsiCo runs its global capability center—coincides with efforts by both nations to stabilize trade relations. On the same day, U.S. Trade Representative for South Asia Brendan Lynch led a delegation in talks with Indian officials, weeks after President Donald Trump imposed 50 percent tariffs on Indian exports while calling India “a dead economy.” Last week, however, Trump softened his stance, saying he was optimistic about a trade agreement.
India remains a growth engine for PepsiCo, where packaged beverages and snacks continue to expand. For the 12 months ending December 2024, PepsiCo India reported revenue of Rs 8,877 crore and profit after tax of Rs 883.4 crore. Its convenience foods business grew 4 percent internationally in the April-June 2025 quarter, with India cited as a key driver.
Despite early monsoons denting sales of aerated drinks, PepsiCo sees India’s low per-capita soft drink consumption and booming snacking culture as long-term opportunities. An insider put it simply: “Two board-level visits in five months show India is not just on the map—it is at the center of PepsiCo’s growth strategy.”
