NEW YORK (TheStreet) -- PepsiCo Inc. (PEP) was asked by the government of India to help feed the nation's school children by developing healthy processed foods, which will be included in school lunches, Bloomberg reports.
PepsiCo is the largest snack maker in the world and is mostly known for items like Lays Potato Chips, Pepsi and 7Up, Gatorade, Naked Juice, and Quaker products.
India's government has allocated $2.2 billion to fund the healthy foods program through March 2015, Bloomberg added.
The healthy lunch program's local food suppliers were accused of incompetence regarding the safety of the different foods children were eating, after 23 children in Northern India died after consuming meals laced with insecticide, Bloomberg added.
Shares of PepsiCo are down by -0.42% to $92.21 on Wednesday morning.
Separately, TheStreet Ratings team rates PEPSICO INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PEPSICO INC (PEP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, revenue growth, good cash flow from operations, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."