New Delhi – JSW Steel Ltd spent Rs 63 crore on CSR (Corporate Social Responsibility) initiatives during the financial year (FY) 2018-19 (Apr-Mar), according to annual report published by the company.
This expenditure is as per the prescribed limit of 2% of the company’s net profit for the last 3 financial years, mandated in the Indian Companies Act, 2013. The Companies Act 2013 prescribes 17 areas of CSR activity in Schedule VII of the act. Section 135 of the Act lays down rules for CSR activity in India.
The policy which became effective from 1 April, 2014, mandates those companies for CSR activity which have net worth of 5 billion rupees or more; or turnover of 10 billion rupees or more; or net profit of 50 million rupees or more during any financial year.
The average net profit of the company for the last three financial year stood at Rs 3,137 crore.
The company spent Rs 28 crore on activities related to improving living conditions for the people. The company spent Rs 11 crore on education, Rs 5 crore each on addressing environmental issues and sports training.
The other important areas of the CSR expenditure were preserving national heritage, addressing social inequalities, rural development, Swachha Bharat Abhiyaan.