By Rusen Kumar
NEW DELHI: NMDC, incorporated in 1958, is the largest iron ore mining company, has spent Rs. 169 crores during the year 2017-18 (Previous Year Rs. 174.18 crore)for Corporate Social Responsibility programs which is 2.80% of the average net profit/PBT of three preceding years as specified in the Companies Act, 2013., Annual Report 2017-18 revealed.
Unspent CSR amount is Rs 25.79 Cr for the reviewed year. Prescribed CSR Expenditure was Rs.160.22 Crore.
Average Net Profit of the Company for last three financial years : Rs 6050.92 Cr.
Prescribed CSR Expenditure (two per cent of the amount of Rs. 6050.92 Cr): An amount of Rs. 121.02 Cr amounting to 2% of PBT of preceding three years. Apart from this amount of Rs. 74.14 Cr of unspent CSR fund of 2016-17 has been carried forwarded to 2017-18. Thus, the total annual CSR Budget for 2017-18 was Rs. 195.16 Cr, report said.
“NMDC CSR initiatives adopt a flexible, inclusive, process-oriented approach to
enable the stakeholders to determine the scope of our programmes and activities. NMDC has shown that it is possible to be profitable, while being socially and environmentally responsible”, says N. Baijendra Kumar, IAS, Chairman-cum-Managing Director, NMDC Limited.
“NMDC believes that the first beneficiary of its success should be the community around its operations. As part of its Corporate Social Responsibility, it contributes to healthcare, education, sanitation, drinking water, infrastructure development and employable skill
development. These initiatives are taken up in consultation with stakeholders, including local people and administration — which has been the reason for their success. NMDC’s model of stakeholder consultation is considered by Department of Public Enterprises as worthy of emulation by other PSEs. In fact, the NMDC’s CSR engagement has grown over the years as its CSR expenditure has increased from Rs 86 crore in 2011-12 to an average of Rs 190 crore during