Nestle Destroying Maggi Stocks Worth Rs.320 Cr

15 June, New Delhi

Embattled Nestle India today said it is in the process of destroying Maggi Noodles stock worth Rs 320 crore stored with its trading partners, distribution channels and factory warehouse.

”We are in the process of withdrawing Maggi Noodles from the market and destroying it,” the company said in a statement giving update on the situation emerging out of the countrywide ban on the sale of the Chinese noodles for discovery of excessive lead and monosodium glutamate by the national and state food authorities.

While the company itself withdrew the Maggi noodles from the market it has since contested the tests in the Bombay High Court.

Nestle India said besides stocks worth Rs 320 crore being destroyed, there would be additional cost and final figure of the loss on this count is yet to be computed.

It said these costs would be reflected in the companys accounts when they are finalised.

The companys share further fell today by Rs 130 or 2.14 per cent at Rs 5948.65 on investors anxiety.

Addressing the shareholders meeting, the company chairman Antonio Helio Waszyk said the Nestle maintains ”clear corporate business principles that play very high value and integrity ethical behaviour and respect.

The company enjoys immense goodwill in communities and stakeholders for being responsible in its business and its dealing”