NEW DELHI: Jindal Steel & Power Limited (JSPL), has spent Rs. 10.56 Crore on orporate social responsibility (CSR) during FY – 2017-18, however average net loss of the Company for last couple of years, Annual Report for the year 2017-18 revealed.
“In view of the losses in previous three years the Company is not required to spend on CSR as per section 135 of the Companies Act, 2013.”, report added.
Company’s voluntarily CSR spending was Rs 10.14 Crore for the year. However, JSPL’s voluntarily CSR spending for the FY 2016-17 was Rs. 15.36 Crore.
The major highlight for FY 2017-18 was coming back to profits on a standalone basis in Q4 after 13 successive loss-making quarters.
JSPL has reduced its debt by over Rs 5,000 crore, which has seen the consolidated net debt come down from the peak levels of Rs 47,000 crore to Rs 42,000 crore currently, report said.
“We are targeting to further reduce JSPL’s debt by around Rs 15,000 – 20,000 crore by 2021 to become a relatively debt-free company.”, report said.
JSPL CSR initiatives are mainly implemented in the states of Chhattisgarh, Odisha and Jharkhand, positively impacting the lives of people in these regions in many ways.
These interventions are aligned with 17 Sustainable Development Goals launched by United Nations on December 30, 2015.
(Reported by India CSR Network)