NEW DELHI: In FY2019, Vedanta Limited on consolidated basis spent Rs. 309 crores on social investments and CSR (Corporate Social Responsibility) activities. This is 26% more than the previous year’s Rs. 244 crores. This money is spent across 1,169 villages, benefiting nearly 3.1 million people. Vedanta has a large and complex CSR portfolio with multiple and diverse projects running across various locations.
According to Integrated Annual Report for the Year 2018-19, the average net profit of the Company for the last three financial years is Rs 659 crores. Base on the average net profit of the Vedanta Limited for the last three financial years, it required to spend Rs. 13 crores on its CSR activities.
The Company as a good corporate citizen has spent Rs. 51.72 crores in FY 2019 (45 Cr in FY 2018) on its CSR activities, report said.
The Company complies with Section 135 of the Act and the approach is focused on long-term programmes aligned with community needs and national priorities, including Sustainable Development goals.
There are ten broad thematic areas under which, it undertakes community development projects. The Nandghar Project is among the flagship initiatives, which aims to re-build Anganwadis for ensuring the health and learning of children in rural areas, and also for becoming a platform of women’s empowerment and skilling.
As part of CSR policy, company has been partnering with government agencies, development organisations, corporates, civil societies and community-based organisations to carry initiatives.
In recently released second integrated report company informed, the CSR Committee was setup to formulate and monitor the CSR Policy of the Company along with recommending the CSR Budget.
Chairman Navin Agarwal said, “The year included the milestone inauguration of our 500th ‘Nand Ghar’. These community resource centres are especially created for women and their children, providing everything from nutritious meals and healthcare to safe play areas and e-learning resources. This is just the beginning as we have budgeted to invest Rs. 800 crore to set up a network of 4,000 Nand Ghars across India.”
On a consolidated basis, the detailed CSR spent for FY 2019 is provided below:
|For the year ended
March 31, 2019 (Rs. Crore)
|Vedanta Limited (Standalone) (A)||51.72|
|Vedanta Subsidiaries (India) (B)|
|Talwandi Sabo Power Limited (TSPL)||0.51|
|Hindustan Zinc Limited (HZL)||130.2|
|Bharat Aluminium Company Limited (BALCO)||5.43|
|Sesa Resources Limited (SRL)||6.88|
|Sesa Mining Corporation Limited (SMCL)||0.05|
|Electrosteel Steels Limited (ESL)||0.52|
|Vedanta Subsidiaries (Global) (C)|
(Skorpion Zinc (SZ) & Black Mountain Mining
Proprietary Limited (BMM )
|Total CSR Spent 309.24|