Company Exceeds Mandatory CSR Spending by Rs. 50.38 Crore, Reinforcing Commitment to Sustainable Community Development Across Key Indian States
NEW DELHI (India CSR): Jindal Steel, one of India’s leading steel producers, has demonstrated its unwavering commitment to social responsibility by spending Rs. 227.64 crore on Corporate Social Responsibility (CSR) initiatives during the financial year 2023-24.
This expenditure not only surpasses the company’s mandatory CSR obligation by Rs. 0.38 crore but also positively impacts over 59 lakh beneficiaries across various states in India. JSP’s CSR activities are deeply rooted in sustainable community development, aligning with its broader mission of nation-building and environmental stewardship.
CSR Expenditure and Compliance
As per Section 135 of the Companies Act 2013, companies meeting the applicability threshold are required to spend at least 2% of their average net profit over the past three years on CSR activities. For JSP, this translated to a CSR obligation of Rs. 177.26 crore.
However, the company significantly exceeded this requirement, investing Rs. 227.64 crore in various social initiatives, marking an excess expenditure of Rs. 50.38 crore for the year.
JSP also allocated Rs. 3.72 crore towards CSR administrative overheads, ensuring efficient and effective implementation of its initiatives. Notably, the company has fully utilized its CSR funds, with no unspent amount remaining under Section 135(5) of the Act. Furthermore, there were no obligations to transfer any unspent funds to a designated government fund or special account, reaffirming JSP’s commitment to its social responsibilities.
Beneficiaries and Impact
During the 2023-24 fiscal year, JSP’s CSR activities benefited a total of 59,18,284 individuals across several states, including Odisha, Chhattisgarh, Jharkhand, Delhi, Uttar Pradesh, and Bihar. The company’s projects were implemented in key districts such as Angul, Dhenkanal, Puri, Khordha, Jaipur, Raigarh, Keonjhar, Sundergarh, Garhmukteswar (Hapur), Raigarh, Ramgarh, and Danapur.
These initiatives addressed a wide range of community needs, from healthcare and education to infrastructure development and environmental sustainability. JSP’s efforts were particularly focused on uplifting underprivileged communities and fostering socio-economic growth in the regions where it operates.
CSR Policy and Governance
JSP’s approach to CSR is guided by a comprehensive policy that emphasizes sustainable community development as essential for achieving harmony between industry and society.
The company’s Health, Safety, CSR, Sustainability, and Environment Committee (HSCSE Committee) of the Board of Directors oversees the implementation of this policy, ensuring that CSR activities are aligned with the company’s core values of integrity, innovation, and excellence.
The Board of Directors, based on recommendations from the HSCSE Committee, has approved a CSR policy that focuses on making a positive contribution to underprivileged communities through a wide range of socio-economic, educational, and health initiatives.
JSP’s CSR strategy is not only about compliance but also about creating a lasting impact on society, particularly in regions where the company has a significant presence.
The Broader Vision
JSP’s CSR initiatives are an integral part of its broader mission to drive India’s progress and growth. The company’s high-quality steel is the backbone of large-scale infrastructure projects and key industries, including manufacturing, railways, naval, automotive, and defense sectors. Alongside its industrial contributions, JSP is pioneering the production of green steel using renewable energy, positioning itself as a leader in eco-friendly steel production.
JSP’s commitment to sustainability extends beyond its production processes to include community empowerment and economic growth. Through its CSR activities, JSP is not only enhancing the quality of life for millions of Indians but also contributing to the nation’s global standing by promoting robust, innovative, and collective advancement.
Responsible corporate citizenship
Jindal Steel’s CSR expenditure of Rs. 227.64 crore in 2023-24 exemplifies its deep-rooted commitment to corporate social responsibility (CSR). By going beyond its statutory obligations and positively impacting millions of lives across India, JSP continues to set a benchmark in responsible corporate citizenship. The company’s efforts in sustainable community development, coupled with its pioneering work in green steel production, reinforce its role as a key driver of India’s progress and a leader in building a better future for all.
Here are four tables of key facts summarizing the CSR activities of Jindal Steel for the financial year 2023-24:
Table 1: CSR Expenditure Overview
| Particulars | Amount (₹ in Crore) |
|---|---|
| Two percent of the average net profit | ₹177.26 |
| Total amount spent for the financial year | ₹227.64 |
| Excess amount spent | ₹50.38 |
| CSR Administrative Overheads | ₹3.72 |
Table 2: CSR Impact
| Total CSR Beneficiaries | 59,18,284 |
| Key States Covered | Odisha, Chhattisgarh, Jharkhand, Delhi, Uttar Pradesh, Bihar |
| Key Districts Covered | Angul, Dhenkanal, Puri, Khordha, Jaipur, Raigarh, Keonjhar, Sundergarh, Garhmukteswar (Hapur), Ramgarh, Danapur |
Table 3: Compliance Details
| Required CSR Expenditure (Section 135) | Fully Spent |
| Surplus from Previous Financial Years | Nil |
| Unspent Amount (Section 135(5)) | Nil |
| Transfer to Fund/Special Account Required | Not Applicable |
Table 4: CSR Policy and Governance
| Aspect | Details |
|---|---|
| CSR Policy Governance Body | HSCSE Committee of the Board |
| Focus Areas | Socio-economic, Educational, Health Initiatives |
| Key Objective | Sustainable Community Development |
| Total CSR Obligation for 2023-24 | ₹177.26 Crore |
(India CSR)
