Bharat Forge exceeds prescribed limit, spends Rs 25.45 Crore on CSR activities in 2019-20

New Delhi, 22 October 2020: Keeping the idea of ‘Good Corporate Citizenship’ in mind and working towards improving the life of community members, Bharat Forge, a forging company has spent a significant amount of Rs 25.45 Crore on various CSR projects for the financial year 2019-20. This year, the company has spent Rs 2.44 Crore more than its prescribed limit. Bharat Forge is a multinational company involved in automotives, power, oil & gas, construction & mining, locomotive, marine and aerospace industries.

The average net profit of the company for the last three financial years stood at Rs 1150.72 Crore.  The prescribed expenditure for the company’s CSR activities was thus calculated as Rs 23.01 Crore. The prescribed CSR budget of a company is calculated as 2% of the average net profit of the past three years. However, the company went a step forward and spent Rs 25.45 Crore on various CSR projects this year. The company had last year spent Rs 10.76 Crore on CSR activities.

"The goal of Bharat Forge Limited is to create a long-lasting positive impact on the community. Therefore, the company’s CSR activities have a strong element of self-sustainability, achieved by training community leaders and influencers who would provide direction once the projects started by Bharat Forge Limited are handed over to the community," the company said in its annual report.

The company’s CSR committee is headed by PG Pawar and other members include BN Kalyani and Amit B Kalyani. The Committee met twice during the year on May 20, 2019 and August 13, 2019.

Key expenditure areas

 Key projects

The company has identified six key programs to achieve inclusive growth of the communities.

1. Village Development: Under the Village Development program, the company intends to uplift 100 villages by focusing on activities under 5 key pillars including water availability, enhancing livelihood, health and nutrition, education and internal roads.

2. Community Development: Under the community development program, the company imparts various vocational training and skill development programs to women, along with conducting social get-togethers and providing support for small-scale businesses. This enables community women to become more self-reliant with superior emotional well-being. In FY 2020, the Company positively impacted the lives of more than 2,400 women through this program.

3. Education: The company undertakes ‘Pradnya Vikas Program’ and ‘Anubhav Shala - Khelghar’ initiatives to impart personality and leadership skills to underprivileged Aptitude and Creative Education under CSR initiatives 54 55 Bharat Forge Limited children with the aim of enhancing their academic performance.

4. Employee Volunteerism: The company’s spirit of ‘giving back’ has permeated to its employees as well, as manifested in their active participation in various initiatives like the No-Tobacco Initiative, Traffic Volunteering Initiative, Swachha Sundar Shala (Clean Schools Initiative), ‘Daan Utsav (Joy of Giving Initiative)’ and training at Industrial Training Institutes (ITIs) conducted during the year.

5. Skill Development: The company collaborated with CII and College of Engineering, Pune, and continued supporting 90 graduate students from the rural background by providing soft skills and communication skills to enhance their employability. Bharat Forge Limited has also signed an MoU with Vishwakarma Vocational Training Institute, Pune, to provide a specialist course in ‘Radio Frequency and Microwave Technology’ to the engineering graduates (B.E./B.Tech) and postgraduates (M.E./M. Tech) from rural backgrounds.

6. Sports Development: The company conducts its sports development initiatives under Project Lakshya. In FY 2020, it continued providing financial and training support to talented and promising sportspersons from across the country. The Company actively supports people in disciplines such as tennis, chess, boxing, car racing, and badminton, among others.