Suresh Narayana, new Managing Director of Nestle India, says there is an urgent need to get Maggi sales back to the same levels.
However, the man who has been flown in to fire-fight in India, Suresh Narayana, new Managing Director of Nestle India, looks upon this situation as an opportunity for the fast moving consumer goods (FMCG) giant to stand up and reclaim its lost ground in a market which has only got more intense with new entrants like the Patanjali group, which seems to have made the most of Maggi noodle's absence.
In an interview to CNBC-TV18, he says there is an urgent need to get Maggi sales back to the same levels.
Below is the verbatim transcript of Suresh Narayanan’s interview with Priya Sheth on CNBC-TV18.
Q: What are your plans as far as investment in India is concerned?
A: As a company, we would be investing anywhere between Rs 250 to 300 crore every year behind different investments and that is really what we would be focusing on.
Q: Last year has been quite tough for Nestle’s especially on the Maggi Noodles front. Keeping that in mind how do you see challenges panning out in the whole manufacturing arena?
A: The Maggi saga that we went through I think you have seen in our recent results there has been clearly an adverse impact that has been made. The challenge would still be for us not only to leverage the opportunity for Maggi. Here the market response has truly been very humbling for us.
Q: Patanjali is also another brand that we are seeing increasing competition across various categories?
A: Firstly, I want to say very clearly that I respect every competitor. Whether it is Patanjali, whether it is ITC or whether it is any other player in the market I respect all of them. Each of them bring us a certain proposition, a certain perspective, a certain aggression and a certain dynamism to the market.
(Copy edited by Raveena Singh, interview transcribed by Vrushali Sawant)