PepsiCo is buying a stake of 66% in Russian dairy and fruit juice maker Wimm-Bill-Dann for $US3.8 billion.
The soft drinks maker says it will also seek to buy the remaining shares in Wimm-Bill-Dann when the initial deal is completed.
The deal is the biggest foreign investment in Russia outside the energy sector.
Wimm-Bill-Dann chairman Sergei Plastinin said the company was started 18 years ago.
it now employs 16,000 people and has 38 production facilities.
The BBC reports completion of the deal is subject to regulatory approval.