By Rusen Kumar
Amount spent by NMDC Limited, a Public Sector Undertaking during the year 2020-21 on account of CSR activities is Rs. 158.62 crores. It spent over Rs. 199.99 crores last year.
Gross amount required to be spent by India’s largest iron ore miner NMDC Limited, a Public Sector Undertaking during the year 2020-21 is Rs. 130.00 crores (2% of the last three years average PBT Rs. 6,499.95 crores), (Previous Year Rs. 117.80 crores (2% of the last three years average PBT Rs. 5,890.82 crores).
Amount spent during the year on account of CSR activities is Rs. 158.62 crores. ( Previous Year Rs.199.99 crore).
NMDC is a Navaratna PSE under the Ministry of Steel.
NMDC has infused Rs. 1.62 crore (Previous year Rs. Nil crore) in NMDC CSR Foundation (NCF ) a not-for-profit company. NMDC CSR Foundation is a Not-for-Profit company (incorporated under Sec 2 (7) of Companies Act, 2013. The company is not being considered for consolidation in preparation of Consolidated Financial statements as per Ind-AS 110, the company said.
The pandemic has accelerated some key trends that will bring about a shift in steel demand.
“The iron & steel industry will see exciting opportunities from rapid developments through digitalisation and automation, infrastructure initiatives, reorganisation of urban centers, and energy transformation. At NMDC we have the required operational agility to absorb the cyclical volatilities in the iron ore and steel sector and stay ahead on a growth trajectory,” said Sumit Deb, Chairman, and MD, NMDC.
During FY 21, including a record turnover of Rs 15,370 crores, the highest since the company’s inception, the company said.
NMDC has framed a comprehensive CSR policy for addressing its objectives, focus areas, organizational mechanism, guidelines for identifying the CSR activities along with the implementation and monitoring strategies. This policy also addresses in detail the budgetary allocation, approval methodology and fund utilization mechanism.
(India CSR)
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