Monday April 23, 2018

Maggi stocks worth Rs. 210 crores being withdrawn from markets: Nestle

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New Delhi: Nestle India on Monday said stocks of Maggi noodles worth Rs. 210 crore were being withdrawn from the market and destroyed, even as another Rs. 110 crore worth of finished and related material stocks remained at its factories and distribution centers.

“These are broad estimates, because it is impossible to calculate the final figure while the withdrawal is taking place,” the company said in a filing with stock exchanges.

“There will be additional costs to take into account, for example bringing back stock from the market, transporting the stock to destruction points, destruction costs, etc. The final figure will be confirmed at a later date,” it said.

“The above, and other unforeseen costs associated with this withdrawal, will be dealt with in line with the applicable accounting standards at the time of announcing the financial results on the due dates,” it stated.

The food safety regulator had ordered Nestle to withdraw Maggi noodles after some samples were reportedly found to contain higher-than-permissible levels of lead — a finding that was rejected by the company, saying its own independent tests suggested otherwise.

Nestle since moved to the Bombay High Court, challenging the order. The court has now issued notice to the Food Safety and Standards Authority of India (FSSAI), the regulator, and other respondents and has posted the matter for hearing on June 30.

Among other matters, the Swiss multinational firm has urged the court to quash the June 5 order asking the company to withdraw and recall all its nine Maggi variants and the oats noodles from the Indian market.

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Three tests clear Maggi: Nestle India

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New Delhi: Three laboratories mandated by the Bombay High Court have found lead content in 90 samples of Maggi instant noodles much below the permissible limits, a company statement said on Tuesday.

“We have received the test results from all three laboratories mandated by the Bombay High Court to test Maggi noodles samples. All 90 samples, covering six variants, tested by these laboratories are clear, with the lead much below the permissible limits,” Nestle India said in the statement.

“In compliance with the high court orders, we will now commence manufacture and will begin selling only after the newly manufactured products are also cleared by the three designated laboratories,” it added.

The company is hopeful about reintroducing Maggi noodles in the market at the earliest.

It said it had got conducted over 3,500 tests on samples, representing over 200 million packs, in both nationally as well as internationally accredited laboratories and all reports are clear.

Nestle India also reiterated its resolve to collaborate with the Food Safety and Standards Authority of India, the apex food regulator in the country, and other stakeholders on the matter.

After a five-month ban on the two-minute noodles for alleged high lead and Monosodium Glutamate levels, the Indian arm of the Swiss giant Nestle announced in November a pact with Snapdeal for the online sale of the instant noodles and its re-introduction in 100 cities in the country.(IANS)

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