Nestle India clocks double-digit sales growth in Q3, plans Rs 2,600 crore investment over 3-4 years

News source : The Economic Times (24th October’20), Image source : The Indian Express

• FMCG major Nestle India on Friday announced its plans to invest Rs 2,600 crore over the next three to four years to augment its manufacturing capacity in the country, terming the move as "vindication of confidence and trust" the company has in its India journey.

• The company, which saw a robust 10.23 per cent growth in its domestic sales in the July-September quarter, said its production units have returned to "normal output" post lockdown.

• As per Nestle's plan, the new investments are aimed at expansion activities of the existing units and towards the construction of its new upcoming unit in Sanand, Gujarat.

• According to Nestle, this quarter was boosted by double-digit growth in the in-home consumption of its key brands such as Maggi Noodles, Maggi Sauces, Kitkat, Nestle Munch, Nescafe Classic and Nescafe Sunrise.

• "We continued our strong performance in the e-commerce channels, which grew by 97 per cent and now contributes about 4 per cent of domestic sales," Nestle India Chairman and Managing Director Suresh Narayanan said