Lux Industries Limited is committed to good governance and has taken initiatives to strengthen its visibility, predictability, and sustainability.
With a diversified portfolio of home-grown brands, Lux Industries Limited has achieved market outperformance. The company aims to expand its reach from being a multi-regional brand to a nationwide company. The company is strengthening its governance to improve visibility, predictability, and sustainability. The company believes that the combination of these initiatives will create value for all its stakeholders.
Introduction
Lux Industries Limited was incorporated in 1957 by the late Girdhari Lal Todi as Biswanath Hosiery Mills. In 1995, the Company evolved into Lux Industries Limited. The Company has since emerged as a premier player in India’s branded innerwear and outerwear segments. The company is a responsible corporate citizen that believes in giving back to society and engaging in healthy relationships with the communities in which it operates.
CSR Spending in FY 2021-22
The company has allocated 2% of its profits towards Corporate Social Responsibility (CSR) activities and spent Rs. 4.58 crore during the year under review (2021-22). CSR spending for the year 2020-21 was calculated at Rs 5 crore.
CSR Initiatives
The Company’s CSR initiatives are primarily focused on supporting projects in the areas of healthcare and providing quality education to underprivileged and tribal children. Lux Industries Limited runs its major projects through its own foundation, Lux Foundation, and deals with registered trusts and/or section 8 companies that undertake such schemes.
CSR Committee
The company has constituted a CSR Committee as per the provisions of the Companies Act 2013 and its rules. The committee, comprising of Ashok Kumar Todi, Pradip Kumar Todi, and Kamal Kishore Agrawal, monitors and oversees the various CSR initiatives of the company.
Areas of Focus
The company’s CSR initiatives are primarily focused on the following areas:
- Promotion of Education
- Promotion of Healthcare through support for medical facilities
- Ensuring Environmental Sustainability
- Covid Relief Measures
- Supporting economically backward groups
- Animal Welfare
- Support to elderly people
- Promotion of traditional art and culture
Implementation
The company’s CSR policy is in compliance with the provisions of the Companies Act 2013 and its rules. The company is committed to addressing the objectives and requirements set for CSR and carries out its initiatives through its own foundation, Lux Foundation, external registered trust, NGO, local municipal bodies, and government structures.
Conclusion
Lux Industries Limited is a responsible corporate citizen that is committed to improving the quality of life through direct interventions with society. The company has taken a long-term view in implementing its CSR program and expects to enhance value for all stakeholders through its initiatives.
(Copyright @ India CSR)
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