FM Sitharaman meets Mondelēz, Shield AI chiefs in Chicago to push India investment
Synopsis
Finance Minister Nirmala Sitharaman's Chicago visit wasn't a single pitch — it was a two-front push. In back-to-back meetings, she courted Mondelēz on consumer-goods manufacturing and Shield AI on next-gen defence tech, signalling that India's investment outreach is now as comfortable in the boardroom as it is at the defence corridor.
Key Takeaways
FM Nirmala Sitharaman met Mondelēz International COO Luca Zaramella in Chicago on 29 August to discuss expanding India operations.
Talks covered production, sourcing, services, and export growth, with Sitharaman highlighting India's skilled talent and supply-chain ecosystem.
In a separate meeting, Sitharaman met Shield AI Co-founder Brandon Tseng to explore AI-enabled autonomy , unmanned systems, and defence co-production.
The Finance Ministry cited regulatory simplification, digitalisation, and infrastructure as key enablers for long-term foreign investment.
No specific investment figures or timelines were announced from either meeting.
Union Finance Minister Nirmala Sitharaman held discussions in Chicago, United States, with Mondelēz International Executive Vice President and Chief Operating Officer Luca Zaramella on opportunities to expand the confectionery giant's production, sourcing, services, and export footprint in India, the Finance Ministry announced on Saturday, 29 August. The meeting signals continued government outreach to global multinationals as India positions itself as a preferred manufacturing and supply-chain destination.
What the Mondelēz Talks Covered
The discussions centred on Mondelēz's existing and growing presence in India, its ongoing investments in manufacturing infrastructure, and pathways to deepen its operational scale in the country. Sitharaman highlighted India's skilled talent pool, expanding manufacturing capabilities, and an evolving supply-chain ecosystem as key draws for global companies looking to serve both domestic and international markets.
The Finance Minister also underscored the government's push to improve ease and cost of doing business through regulatory simplification, digitalisation, and infrastructure upgrades — measures aimed at enabling long-term multinational investment, according to the Finance Ministry.
Shield AI Meeting: Defence Tech on the Agenda
In a separate engagement on the same visit, Sitharaman met Shield AI Co-founder and President Brandon Tseng to explore deeper cooperation in AI-enabled autonomy, unmanned systems, and next-generation defence technologies. The talks covered research and development, technology co-development, and co-production arrangements, the Finance Ministry said.
Sitharaman welcomed Shield AI's continued interest in India, pointing to the country's rapidly expanding defence technology ecosystem, strong engineering and AI talent, and growing advanced manufacturing capabilities. This comes amid India's broader push to indigenise defence production and attract global technology partnerships under initiatives such as Make in India.
India's Larger Investment Pitch
Both meetings are part of a sustained diplomatic-economic effort by the Finance Ministry to court foreign direct investment and embed India more deeply in global technology and supply chains. Notably, the outreach spans two distinct sectors — consumer goods and defence-tech — reflecting the breadth of India's investment pitch to US-based multinationals.
India has been intensifying engagement with global corporations amid a broader push to attract manufacturing investment as companies diversify supply chains away from China. The government's stated focus on regulatory reforms and digital infrastructure is central to that narrative.
What Comes Next
No specific investment figures or timelines were disclosed from either meeting. Industry observers will watch for formal announcements on expanded Mondelēz manufacturing capacity or Shield AI technology partnerships in the months ahead, as ministerial-level discussions of this nature typically precede structured investment commitments.
Point of View
But the pairing here is telling. Mondelēz represents India's consumer-market depth; Shield AI represents its defence-tech ambition. The fact that a single Chicago trip covers both signals a deliberate broadening of India's FDI narrative beyond the usual IT and infrastructure lanes. What is missing, as with most such meetings, is any binding commitment — no numbers, no timelines. The real test will be whether these conversations translate into announced capacity expansions or signed co-development agreements within the next two quarters.
NationPress
29 Aug 2026
Frequently Asked Questions
What did FM Sitharaman discuss with Mondelēz in Chicago?
Finance Minister Nirmala Sitharaman discussed opportunities for Mondelēz International to expand its production, sourcing, services, and export operations in India with the company's COO Luca Zaramella. She highlighted India's skilled workforce, manufacturing capabilities, and the government's regulatory and infrastructure reforms as key enablers for long-term investment.
Who is Luca Zaramella and what is his role at Mondelēz?
Luca Zaramella is the Executive Vice President and Chief Operating Officer of Mondelēz International, the global confectionery and snack company behind brands such as Cadbury and Oreo. He represented the company in the Chicago meeting with Finance Minister Sitharaman on 29 August.
What was discussed in the Shield AI meeting?
Sitharaman met Shield AI Co-founder and President Brandon Tseng to explore cooperation in AI-enabled autonomy, unmanned systems, and next-generation defence technologies. The discussions covered research and development, co-development, and co-production arrangements between Shield AI and Indian entities.
Why is India holding these investment meetings in the US?
India is actively courting US multinationals as part of a broader strategy to attract foreign direct investment, strengthen domestic manufacturing, and integrate into global technology and supply chains. The government is positioning India as an alternative manufacturing hub, particularly as companies diversify away from single-country dependencies.
Were any investment commitments announced after these meetings?
No specific investment figures or timelines were disclosed following either the Mondelēz or Shield AI meetings. Such ministerial-level engagements typically lay the groundwork for formal investment announcements in subsequent months.
