Maggi worth Rs 320 crore being destroyed: Nestle
New Delhi: Nestle India is in the process of destroying Maggi instant noodles worth Rs 320 crore after it was banned by central food safety regulator FSSAI due to presence of lead and taste enhancer monosodium glutamate (MSG) beyond permissible limits.
The company said it is in the process of withdrawing the stock of Maggi noodles from markets, factories and distribution and destroying it.
"The estimated sales value of the stock in the market, including those with our trade partners is around Rs 210 crore. In addition, there was Maggi Noodles and related materials in our factories and distribution centres when the withdrawal was announced and the estimated value of these is around Rs 110 crore," Nestle India informed the BSE.
It, however, added that it was only a broad estimate "as it is impossible to calculate the final figure while the withdrawal is taking place". "There will be additional costs to take into account for example bringing stock from the market, transporting the stock to the destruction points, destruction costs. The final figure will have to be confirmed at a later date," it said.