NEW DELHI: Pepsi Food Private LTD Tuesday said its project, envisaging a Rs 500 million direct capital investment in Punjab, is in “danger” of coming to a “temporary standstill”.
“This follows recent pronouncements reported in the press regarding re-examination of the project, “the company, which is a joint venture of Punjab Agro Industries Corporation, Voltas and PepsiCo of the U S, said in a press release.
As a result of the pronouncement, government officials have put all action on the project, however routine, on “hold” until a clear signal was received from the new political leadership, the company said.
Newspapers reported that federal railway minister George Fernandes favored scrapping of deal with U S-based Pepsi Co. If it did not stick to its commitment of manufacturing fruit processed concentrate in Punjab.
Fernandes said he had been opposing the Pepsi proposal in Punjab on the pretext that it was “a cheating with Punjab and India.
Article extracted from this publication >> February 2, 1990
