Home Economy Nestle to double investments in India

Nestle to double investments in India

By IANS,

New Delhi : Nestle India will double its investments in India from Rs.3 billion this fiscal to Rs.6 billion next fiscal, Nestle S.A. chairman Peter Brabeck-Letmathe said here Friday.

“We are very impressed by the growth of Nestle India and the talent pool available here. We have decided to give Nestle India all the resources needed to sustain this growth and there will be no limit,” Brabeck-Letmathe said at a press meet here.

Nestle India has built from scratch a plant in Uttarakhand in 2006 that produces items priced within Rs.10.

For Nestle, the four axis of growth are:

* Transforming the company from agri products to a nutrition and wellness company,

* Addition of 1 billion new consumers from the developing world in the next 10 years. The company is adapting its products and business models to address this mostly bottom of the pyramid group of customers. The Uttarakhand plant is a step in this direction.

* Focusing on out of home consumption – in the West this segment accounts for 50 percent of total consumption. In India this is currently low but will soon grow to Western levels.

* Focusing on super premium and luxury products.

“We are very impressed with the India growth story and the talent you have here,” Brabeck-Letmathe said.

He said at present there are as many as 48 Indian expatriates working across the world looking after Nestle’s interests.