Corporate Social Responsibility (CSR): Reliance Industries spends Rs. 1022 Cr on Social Development

Mukesh Ambani led Reliance Industries Limited spent Rs. 1,022 crores on CSR (Corporate Social Responsibility) programmes and projects during the financial year (FY) 2019-20, complying CSR Law under Companies Act, 2013, Company’s Annual Report revealed.

CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is Rs 875 crore (Previous Year Rs. 811 crore).

In the year 2018-19 company’s total CSR spent was Rs 904 crore. Company spent Rs 771 Crore towards Corporate Social Responsibility during the year 2017-18.

Average net profit of the Company for last three financial years was Rs. 43,747.43 crore, hence Prescribed CSR expenditure (two percent of the amount mentioned in item 3 above) is Rs. 874.95 crore. The company has fully utilised its CSR funds.

Total CSR spending includes Rs 228.80 crore towards contribution to Reliance Foundation Institution of Education Research (RFIER), as Corpus for the proposed University project. Expenditure on Disaster Relief includes contribution to PM CARES Fund.

Reliance foundation, Corporate Social Responsibility arm of India’s largest private sector enterprise has touched lives of 3.6 crore people since its inception.

Reliance Foundation was instituted with a vision to build a stronger and inclusive India. The Reliance Foundation plays a catalytic role in addressing the nation’s development challenges through innovative and sustainable solutions, with the aim of facilitating transformative changes to ensure overall wellbeing and higher quality of life for all.

“CSR initiatives of the Company under the leadership of Smt. Nita M. Ambani, Founder and Chairperson, Reliance Foundation, have touched the lives of around 3.6 crore people across India covering more than 37,000 villages and several urban locations across India.”, report said.

“As a responsible organisation, Reliance has always strived to make positive change in the society. Whether it is contribution to the national exchequer and the nation’s GDP, CSR spend on community improvement or value created to its employees, RIL has always excelled.”, report said.

CSR expenditure for the last six years:

Over the past decade, the Company has focused on several corporate social responsibility programmes and has touched the lives of millions of Indians. The Company continued its endeavour to improve the lives of people and provide opportunities for their holistic development through its different initiatives in the areas  of, Rural Transformation; Health; Education; Sports for Development; Disaster Response; Arts, Culture, Heritage and Urban Renewal.

The Company supported major national campaigns like Swachhata hi Seva and Jal Shakti Abhiyan. It responded fast to national emergencies and disasters including floods and more recently, COVID-19 pandemic which has earned accolades from one and all.

CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is Rs 875 crore (Previous Year Rs. 811 crore). Expenditure related to Corporate Social Responsibility is Rs. 909 crore (Previous Year Rs 849 crore).

Expenditure related to Corporate Social Responsibility:

Out of above, Rs 121 crore (Previous Year Rs. 289 crore) contributed to Reliance Foundation, Rs. 37 crore (Previous Year Rs 41 crore) to Reliance Foundation Youth Sports and Rs. 229 crore (Previous Year Rs 476 crore) to Reliance Foundation Institution of Education and Research which are related parties.