After resuming the Production at three plants, Nestle is looking forward to start all the remaining plants to boost up the production of Maggi.Nestle India today said it is in talks with state authorities concerned to start manufacturing of the product at other facilities also.
The announcement was made during market hours today, 27 October 2015.
Nestle has resumed manufacturing of Maggi Noodles at three of its plants at Nanjangud (Karnataka), Moga (Punjab) and Bicholim (Goa).
“In compliance with the orders of the High Court of Bombay, fresh samples from these newly manufactured batches will be sent for testing to the three accredited laboratories mandated by the High Court,” Nestle said in a communique to the BSE. The company, however, informed BSE that it will “commence sale of Maggi noodles only after clearance from these three laboratories”.
On Monday, a company spokesperson had said that Nestle has resumed production at three plants situated in Karnataka, Punjab and Goa.In June, the Food Safety and Standards Authority of India (FSSAI) had banned Maggi noodle product saying it was “unsafe and hazardous” for consumption after finding lead levels beyond permissible limits. The company had withdrawn the instant noodle brand from the market. Nestle India, took a hit of Rs 450 crore, including destroying over 30,000 tonnes of the instant noodles since June when it was banned. However, the company has said that it would continue with the existing formula of the product and would not change the ingredients.
However, the company has said that it would continue with the existing formula of the product and would not change the ingredients.
The company’s trailing 12-month (TTM) EPS was at Rs 92.68 per share as per the quarter ended June 2015. The stock’s price-to-earnings (P/E) ratio was 68.41. The latest book value of the company is Rs 294.27 per share. At current value, the price-to-book value of the company is 21.55.