Despite loss, RINL not to cut spending on CSR projects

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It has reported that the Visakhapatnam Steel Plant – Rashtriya Ispat Nigam Limited is passing through difficult times like most other steel plants at present, and it has incurred net loss of Rs 1,421 crore during 2015-16.

Yet, the company is not reducing its spending on corporate social responsibility (CSR) projects, according to official sources.

The RINL spent Rs 8.75 crore on CSR during the last fiscal. During the first half of the current financial year, the company has spent nearly Rs 5 crore. It is said that ₹4 crore more will be spent by the end of the financial year.

The RINL is concentrating on sanitation under Swachh Bharat campaign, health and education infrastructure.

The company, during the past five to six years, has spent Rs 126 crore under CSR activities in Visakhapatnam and the nearby districts.

According to P Madhusudan, Chairman and Managing Director, “CSR is a duty of every corporate body to protect the interest of the society. We will continue to take up more activities on a regular basis.”

He said that the CSR of the company was based on the objectives of inclusive growth and sustainable development. It has taken up several projects under education, health, sanitation, environment improvement and skill development.

The flagship project of CSR Chetana, an adult literacy programme, was conducted through Pratham Education Foundation. Chetana benefited around 1,650 women.

The company has also funded ‘Nethrajyoti’ and ‘Sanjeevan’ — mobile medical units for eye care and cancer detection — and recently provided an ambulance to Mohsin Eye Bank.

One of the major contributions of RINL is the supplying of steel for construction of a multi-storied and multi-specialty complex at King George Hospital costing Rs. 2 crore.

(The Hindu Business Line)

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