New Delhi – Tata Motors Limited, aiming to be most aspirational Indian auto brand by 2024, has spent Rs. 22 crores (Standalone) towards various schemes of CSR in FY 2018-19.
The Corporate Social Responsibility (CSR) spending for the previous financial year was Rs. 21.44, on standalone basis excluding interest in the joint operations, towards various schemes of Corporate Social Responsibility (CSR) as prescribed under Section 135 of the Companies Act, 2013.
The CSR spend amount excludes Rs. 2.99 crore donated to Tata Community Initiative Trust (TCIT) for repair of infrastructure which was affected during the flood in Kerala (August 2018), company said in its Integrated Annual Report for the FY 2018-19. CSR amount has not spent on construction or acquisition of an asset.
‘Rededicating to the cause of community development as our ‘Triple Bottom Line’ responsibility, spending Rs. 22.4 crore on Corporate Social Responsibility (CSR) and touching over 7,23,000 lives in FY 2018-19’, said Guenter Butschek, CEO and Managing Director
The prescribed CSR expenditure required to be spent in the year 2018-19 as per the Companies Act, was Nil, in view of average net profits of the Company being Nil (under section 198 of the Act) for last three financial years, company informed.
The CSR Committee is headed by a Non-Executive Independent Director Om Prakash Bhatt with 3 members – Falguni S. Nayar, Non-Executive, Independent Director; Guenter Butschek, CEO & Managing Director and Satish B Borwankar, Executive Director and Chief Operating Officer.
Health, Education Employability and Environment are major area of works where most of CSR amount has been invested.
The company has maintained its leadership position in the industry with a 45.1% market share In the Commercial Vehicle segment but has faced challenges during the year. The company cited increased axle load regulation, liquidity crisis, muted consumer sentiments and aggressive discounting trends as possible reasons.