Oil PSUs to pay Rs 200 crore out of CSR funds for building Statue of Unity

Sate-owned oil Public Sector Units (PSUs) have cumulatively contributed Rs 250 crore out of their Corporate Social Responsibility (CSR) fund for construction of the world’s tallest statue - the Statue of Unity being built as a tribute to Sardar Vallabhai Patel at Narmada district in Gujarat, oil minister Dharmendra Pradhan informed Rajyasabha.

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NEW DELHI: Sate-owned oil Public Sector Units (PSUs) have cumulatively contributed Rs 200 crore out of their Corporate Social Responsibility (CSR) fund for construction of the world’s tallest statue the Statue of Unity being built as a tribute to Sardar Vallabhai Patel at Narmada district in Gujarat, oil minister Dharmendra Pradhan informed Rajyasabha.

The statue, pegged to be the tallest in the world at 182 meter, is being constructed by the Sardar Vallabhai Patel Rashtriya Ekta Trust (SVPRET), at a cost of Rs 2,989 crore and is aimed to be completed by 2018.

“Oil PSUs have informed that Sardar Vallabhai Patel Rashtriya Ekta Trust (SVPRET) approached them for contribution from CSR fund for construction of Sardar Vallabhai Patel statue at Kevadia in Narmada district of Gujarat,” Pradhan said in response to a question on whether the government has instructed oil and gas PSUs to fund the construction of the statue.

He informed the house that the contribution has been considered under Schedule VII activity (v) of the Companies Act. “The contribution/ approved amount by Oil PSUs towards construction of statue is Rs 50 crore each for IOCL & ONGC, Rs.25 crore each for BPCL, HPCL, OIL & GAIL and Rs 5 crore for EIL,” Pradhan added.

Schedule VII of the Companies Act talks about activities which may be included by companies in their CSR policy. Clause v of the Schedule covers “Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts”.

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