MUMBAI: Reliance Industries Limited, one of the India’s largest private sector enterprise, has spent Rs 771 Crore towards Corporate Social Responsibility programs and projects during FY 2017-18 as per Companies Act, 2013, Annual Report for 2017-18 revealed.
Report said that Reliance Industries has transformed the lives of 2 Crore people.
The goals for community development under Sustainable Development programs is to empowering the underprivileged, enhancing their access to better amenities and increasing the outreach of community initiatives to 2 Crore people by 2030 with the minimum CSR expenditure at 2% of the net profit, report said.
Reliance Industries Limited strongly believes in inclusive economic growth. The Company’s CSR initiatives are based on this principle, and resonate with India’s National Development Goals as well as the Sustainable Development Goals (SDGs) outlined in the United Nations 2030 Agenda for Sustainable Development.
Most of the CSR activities of the Company are carried out under the aegis of Reliance Foundation (RF), which in a span of seven years has emerged as a leading corporate foundation addressing nation’s multiple development challenges. The Foundation was established in 2010 under the leadership of Smt. Nita M. Ambani.
Schedule VII of Section 135 of the Companies Act, 2013 lists out various areas in which corporate entities are expected to deploy their CSR funds and implement programmes for social development. Reliance has strategically chosen the company’s CSR initiatives with a focus on improving the quality of life.
The initiatives focus on seven areas: Rural Transformation, Health, Education, Sports for Development, Disaster Response, Arts, Culture and Heritage and Urban Renewal. During FY 2017-18, Reliance spent Rs. 771 crore on CSR initiatives under these focus areas.
The key philosophy of all the social development initiatives of RIL is based on three core commitments of Scale, Impact and Sustainability.
Till March 2018, Reliance’s development initiatives have touched the lives of 20 million people across India. The Company’s initiatives registered an impressive reach across India as shown in the accompanying map.
Expenditure on CSR Initiatives
The following table presents theme-wise CSR expenditure of Reliance for the year 2017-18. CSR Expenditure (Rs. in crore) FY 2017-18:
|Sports for development||50|
|Arts, culture & heritage||1|
|Urban renewal* –|
Of the total expenditure. Rs. 745 crore is from RIL and the rest is from the Group Companies. Figures are rounded off as appropriate. *Urban renewal – Rs. 34 lakh in FY 2017-18
(Based on Reliance Industries Limited Annual Report 2017-18)