The Nestle CEO strikes an emotional note.
India is important to us. We have been in India for over 100 years, we are a part of India. We are talking to the authorities. I don’t think there is any problem there.
– Nestle CEO Paul Bulcke
He also added that Nestle is not going to pull Maggi Noodles from shelves in the UK or any other country.
Nestle CEO said, “We haven’t found lead content in 1,000 Maggi batches tested internally,” adding to the clarification in the Maggi controversy.
Nestle India says it has withdrawn all Maggi Noodles packets. More and more states have issued temporary bans. Tamil Nadu, Kerala, Delhi, Uttar Pradesh, Chandigarh, Jammu & Kashmir, Gujarat, Uttarakhand, Telangana and Assam have all banned Maggi.
According to this report on NDTV Profit, the controversy has wiped out almost Rs 10,000 crore from the company’s market cap in just five trading sessions.
Maggi is a big revenue generator for Nestle India, which reported a net profit of Rs 1,185 crore on sales of Rs 9,800 crore in 2014 calendar year. Maggi contributes around 22-25 per cent to Nestle’s topline and 30 per cent to the company’s profitability, according to Kotak Institutional Equities.
- NDTV Profit report