New York: Indra Nooyi, chairperson and CEO of PepsiCo, has topped Fortune magazine's list of the 50 Most Powerful Women in Business for the third year in a row.

In its citation, the US magazine says, India-born Nooyi, 52, "has moved swiftly to offset slowing beverage sales in North America by expanding the international business, which now represents 26 percent of revenues. She is also pushing healthier products like orange juice with omega-3 fatty acids."

Nooyi beat Iene Rosenfeld, head Kraft Foods (No. 2), Anne Mulcahy, chairperson and CEO, Xerox (No. 4); Andrea Jung, chairperson and CEO, Avon Products (No. 6); and Harpo head Oprah Winfrey (No. 8).

The list now in its 11th year, has notable firsts: Lynn Elsenhan (rank 48), Sunoco's CEO and president, is the first woman ever to run a major US oil company; and Marissa Mayer (rank 50), Google's vice-president, search products and user experience, is the youngest honoree ever at age 33.

Fortune ranked these women at for-profit companies based on the size, importance and health of their business in the global economy, career momentum and social and cultural influence.

The list will appear in the Oct 13 issue of Fortune.

Some of the high-profile women who have dropped off the list include Meg Whitman, president and CEO, eBay; and Sallie Krawcheck, who left Citigroup as its chairman and CEO, Global Wealth Management.

Nooyi also ranks fourth on Forbes' list of the world's most powerful women overall, not just in business.