Maruti’s CSR spend to increase by 18 per cent
India CSR News Network
NEW DELHI: The country’s largest carmaker, Maruti Suzuki India’s (MSI) spending toward corporate social responsibility (CSR) activities in the current financial year will go up by about 18 per cent to Rs.90 crore, a senior company official said.
The spend in 2015-16 stood at Rs.78 crore, which included unspent CSR funds for the previous year, Ranjit Singh, General Manager (CSR and Sustainability) at Maruti Suzuki India (MSI) said.
The regulation on CSR, under the Companies Act, mandates that certain class of profitable companies shell out at least two per cent of their three-year average annual net profits towards CSR activities.
Maruti’s spend of CSR activities stood at Rs.12 crore in 2011-12, rising to Rs.18.94 crore in 2012-13, Rs.23.28 crore in 2013-14 and Rs.37.25 crore in 2014-15.
Under CSR, the company is working on development of government schools in villages in Gurgaon, Manesar, Rohtak and Gujarat, Mr. Singh said. This includes upgrading infrastructure, building toilets, improving classrooms and green zones, he said.Last year, the company gave 185 scholarships to village youth for pursuing technical courses at ITIs across India.