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PepsiCo, Nestle, ITC, Viacom, Oracle and others pledge Rs 15.21 lakh crore in investments during Make In India Week

PepsiCo, Nestle, ITC, Viacom, Oracle and others pledge Rs 15.21 lakh crore in investments during Make In India Week

Author | Sarmistha Neogy | Wednesday, Feb 24,2016 7:52 AM

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PepsiCo, Nestle, ITC, Viacom, Oracle and others pledge Rs 15.21 lakh crore in investments during Make In India Week

The ‘Make in India Week’, which was held in Mumbai recently, saw business houses and corporates across the spectrum pledge a staggering Rs 15.21 lakh crore towards this initiative. Big corporate houses like PepsiCo, Nestle, ITC, Danone, Viacom, Oracle and others made most of the platform and announced new deals and associations. Maharashtra alone attracted investments worth Rs 8 lakh crore during this week. As part of the ‘Make in India’ initiative, Noida-based start-up Ringing Bells announced the launch of world’s cheapest Smartphone priced at Rs 251, which has since then witnessed a record number of bookings.

According to reports, some of the key deals that were inked during this period included Sterlite Group company TwinStar Display Technologies agreeing to set up an LCD manufacturing unit in Maharashtra at an investment of around $10 billion, agreement between BAE Systems and Mahindra and Mahindra (M&M) to assemble and test M777 Howitzer field guns in India, M&M’s separate announcement to invest Rs 8,000 crore in Maharashtra, Oracle’s $400 million investment in India to set up nine incubation centres, Ascendas’s decision to invest Rs 4,571 crore in India and Rashtriya Chemicals and Fertilizers and JSW Jaigarh Port’s announcements of investing around Rs 6,000 crore each.

According to reports, more than Rs 100 crore was spent on the marketing of this week long initiative, which is the brainchild of Prime Minister Narendra Modi. Commenting on what attracts brands to the ‘Make in India’ platform, Jagdeep Kapoor, Chairman and Managing Director, Samsika Marketing Consults said, “The three primary  reasons are--brands want to come into the spotlight and some even genuinely believe in supporting a national cause, which will help in India’s economic growth. Secondly, by getting associated, it will not only allow them to reach their Indian consumers, but also the global ones. Finally, it sends a positive image and has a nationalistic appeal for the consumers.”

Below are some notable initiatives from brands during the ‘Make in India week’

PepsiCo:

PepsiCo signed a pact with the Maharashtra government to promote fruit processing and horticulture in the state as part of its committed investment of Rs 33,000 crore in the country by 2020.The US-based beverage giant will also use the learnings from other markets in which it operates to identify a feasible path for adding fruit juice to its existing carbonated drinks in order to increase consumption volumes.

According to a statement issued by the company, “PepsiCo will continue to accelerate its on-ground work in Maharashtra to catalyse farming, improve yields and transform the fruit processing industry through several initiatives." After Mosambi, PepsiCo will manufacture and launch a series of new drinks from locally produced fruits including mango, guava, pomegranate, litchi and jamun.

ITC:

During the ‘Make in India Week’, ITC announced  that the company will invest Rs 800 crore in Odisha over the next few years to set up a hotel property and a food processing park in the state. Around Rs 630 crore will be invested in the food processing park and the rest of the money will be invested in the hotel.

Danone:

As per reports, Danone’s ‘Make in India’ agenda has a two-step approach, focusing on ‘Innovate in India’ and ‘manufacture high quality products in India’. To make top quality products in India, the company has invested significantly in its manufacturing and sourcing capacity. To innovate in India it has invested in local R&D facilities, and designed local recipes specifically tailored for Indian tastes and nutritional needs. Over the last few years, the company has made huge investments to install milk coolers, quality control infrastructure, and implemented training programs with farmers.

Viacom:

Viacom18 along with #StartUpIndia, which is an initiative of The Department of Industrial Policy and Promotion (DIPP), announced the launch of India's largest outreach program for young entrepreneurs ‘MTV KICKSTART’ to attract bright young minds brimming with exciting ideas. The aim of this programme is to bridge the gap between ideas and investors and to help young India in making their entrepreneurial dreams come true. Delivered through engaging and interactive content through television, web, mobile and social media, the platform will work towards educating the youth about the start-up ecosystem. The initiative will start with a massive outreach plan that will run through 52 weeks, reaching out to 300 colleges across the country with heavy media buzz across TV and Digital.

Ringing Bells:

Ringing Bells announced the launch of the world’s cheapest Smartphone priced at Rs 251. The phone-Freedom 251, which is touted as the result of the ‘Make in India’ initiative was on sale on the company’s website from February 18 to February 21, with promised delivery within four months. However, due to high traffic and heavy demand, the company had to stop further bookings.

On one hand, when Freedom 251 is being placed as a game changer in the Smartphone market, there are experts who are raising concerns about it being a massive scam. According to reports, India’s mobile industry body, the Indian Cellular Association, has written to the telecom minister Ravi Shankar Prasad about the pricing of the new phone, arguing that it could not be below Rs 3,500 ($51) even after subsidies. Besides, it has also come under the scanner of excise and income tax departments with the IT Department looking into its financial structure.

Sanguine:

At the ‘Make in India Week’, Raaj Sanghvi launched his new boutique luxury brand Sanguine – an advisory venture that will focus on content creation, event curating and advisory solutions in the luxury and lifestyle space. With a focus on creating original digital and media content, corporate communication, video production and live events, Sanguine’s core strengths are its 35 years of combined experience in the lifestyle and media sector and its strategic expertise in luxury consumer engagement.

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