A Stock of 3.3 Crore Nestle Maggi Packets Cleared in 10 Days
Once again, Nestle Maggi has created a boom in the market as the company has sold 3.3 crore packs of its instant noodles in 350 towns across India since the relaunch of the product last week. In June, the food regulator FSSAI had ordered to ban the Maggi due to the presence of lead and MSG beyond its permissible limits.
According to the Nestle India, currently, the product is selling at 1.2 lakh outlets via distributors. On the financial implications of the ban on on Maggi, the company said,
“It had to bear an exceptional cost of INR 476.2 crore, which included the cost of destroying 34,663 tons of the noodles.
The company further commented,
“It took hit of INR 161.4 crore as third party commitments, reverse transportation, cost of incinerating stock, handling, repacking, laboratory testing among others, while INR 314.8 crore included cost of finished goods and duties and taxes paid by the company.”
On 9 November 2015, Nestle had relaunched Maggi noodles in the market after accomplishing all the conditions set by Bomaby High Court that removed the ban imposed by FSSAI and Maharashtra FDA. Coming back Maggi in the market, now the company is aiming for “bring back double digit growth” and “back to stability”.
A Stock of 3.3 Crore Nestle Maggi Packets Cleared in 10 Days
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Once again, Nestle Maggi has created a boom in the market as the company has sold 3.3 crore packs of its instant noodles in 350 towns across India since the relaunch of the product last week. In June, the food regulator FSSAI had ordered to ban the Maggi due to the presence of lead and MSG beyond its permissible limits.
According to the Nestle India, currently, the product is selling at 1.2 lakh outlets via distributors. On the financial implications of the ban on on Maggi, the company said,
“It had to bear an exceptional cost of INR 476.2 crore, which included the cost of destroying 34,663 tons of the noodles.
The company further commented,
“It took hit of INR 161.4 crore as third party commitments, reverse transportation, cost of incinerating stock, handling, repacking, laboratory testing among others, while INR 314.8 crore included cost of finished goods and duties and taxes paid by the company.”
On 9 November 2015, Nestle had relaunched Maggi noodles in the market after accomplishing all the conditions set by Bomaby High Court that removed the ban imposed by FSSAI and Maharashtra FDA. Coming back Maggi in the market, now the company is aiming for “bring back double digit growth” and “back to stability”.
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