The US$ 84 Billion FMCG giant Procter and Gamble (P&G) has chalked out a US$ 1 Billion investment plan for India over the next five years, as part of a strategy to look at emerging markets. The move comes at a time when many companies have complained of problems in doing business with India of late. The Cincinnati US-based company is keen on accelerating its presence in India. The objective is to bring in newer categories into India and greenfield plants, that along with innovation, can enhance India’s share of the developing market pie. P&G’s chairman of the board, Robert ‘Bob’ McDonald reportedly said P&G’s Indian business has been growing at over 20% every year for over a decade now, and 700 million Indians use one or the other of their products. Part of the investments, he said, would go into expanding manufacturing facilities in Hyderabad and Mandideep. The combined turnover of the India business is over US$ 1 Billion. India features among the top 10 emerging markets in P&G’s 40:20:10 global plan.
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