Indian Oil has exemplified its CSR commitment by utilising a 100% CSR budget allocation of Rs 460.37 Crore, for the fourth year in a row.
NEW DELHI (India CSR): During the year, as against the CSR budget of Rs. 342 Crore (being 2% of the average profit of the previous three years, as per the provisions of the Companies Act, 2013), the Indian Oil Corporation set aside an enhanced budget of Rs. 460.37 Crore to ensure continuity in the planned CSR activities including many flagship projects.
The entire budget of Rs. 460.37 Crore was spent during the year on various CSR activities.
During the year 2020-21, the Indian Oil Corporation also undertook various CSR initiatives to overcome the challenges posed by the Covid-19 pandemic insurance coverage for employees of business partners, providing medical equipment to hospitals, procurement of cold chain equipment for transportation of vaccines, contributions to the PM Cares Fund, etc.
The Company has partnered with many life-changing community development projects and has positively impacted stakeholders with around 600 projects across the length and breadth of the country.
Indian Oil has committed to generating economic wealth that uplifts the community by addressing its needs. The company has been working towards minimising our environmental footprint and generating sustainable profit to support innovation.
The CSR work focuses on various welfare projects such as providing safe drinking water and protection of water resources, healthcare and sanitation, education and employment enhancing vocational skills, rural development, environmental sustainability, and empowerment of women and socially, and economically backward groups.
To fight the pandemic, Indian Oil contributed Rs 225 Crore to the ‘PM CARES fund’.
In compliance with the Department of Public Enterprises (DPE) guidelines for CSR Expenditure by Central Public Sector Enterprises (CPSE), IndianOil spent Rs. 307.17 Crore (which is 67% of total CSR expenditure ) on thematic areas i.e. Health and Nutrition during 2020-21; and as against the 18 Aspirational Districts allotted by DPE, the Company spent Rs. 13.76 Crore in 32 Aspirational Districts in 2020-21.
Indian Oil’s Sustainability & Corporate Social Responsibility (S&CSR) vision aims to operate its activities in a manner that is efficient, safe and ethical practices that minimises negative impact on the environment and enhances the quality of life of communities, thereby fulfilling its mission of sustaining a holistic business.
