Nestle India has announced the brand is set to lose a whopping Rs. 320 Crores plus from the destruction of its instant noodles.
The brand has been combating the worst-ever brand crisis in the history of India since Maggi samples were found to contain monosodium glutamate (MSG) and excess lead.
The company has challenged the charges against it in court but is forced to withdraw until a resolution is reached.
Nestle said the approximate value of its stocks is around Rs. 210 Crores. The company also has ready stocks of Maggi and related products in its factories and distribution centers that is worth around Rs. 110 Crores.
Nestle withdrew Maggi noodles off the shelves on June 5. The company says its noodles are safe and that FSSAI’s testing facility is faulty.
(Image credit: Indiatimes)