'Maggi crisis was one of the greatest challenges of career'
NEW DELHI: The Maggi crisis, which unfolded in June 2015 and led to a nationwide ban of the popular instant noodles, was "one of the greatest challenges" of my career, said
Suresh Narayanan
, chairman and MD of Nestle India, said in his final letter to shareholders before his retirement on July 31.
Narayanan, who took over as the company's CMD in 2015, is recognised for rejuvenating the company's flagship brand Maggi, after the
FSSAI
(Food Safety and Standards Authority of India) raised concerns about high levels of lead and monosodium glutamate in the product, leading to a temporary ban and significant backlash for the brand. Maggi noodles went from market leadership to near extinction and recovered 60% of its market share within months of its relaunch, he added.
In his letter, Narayanan highlighted the decade's achievements, noting that Nestle India's capex increased from 1.8% of sales in 2015 to 10% in 24-25. "This not only demonstrates the focus on Indian consumers, but also our commitment to manufacture in India and 'Make in India' as a theme,'' he said. The company achieved a CAGR of over 10% in revenue and 21% in net profit over 2015-2025. Its revenue in FY24-25 stood at Rs 20,100 crore and net profit at Rs 3,300 crore.
"In 2015, many considered us to be solely a Maggi noodles company. Since then we recalibrated and rejuvenated the portfolio launching over 150+ new products that have contributed to 7% of sales,'' Narayanan said.
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