Biocon has spent a little short of Rs 8 crore on different projects under its Corporate Social Responsibility (CSR) in the year 2019-20.
In its recent annual report, India’s leading biopharmaceutical company headed by Kiran Mazumdar Shaw declared a total profit of Rs 3,95.3 crore in the financial year 2019-20. The company completely met its CSR obligation by spending a total of Rs 7.9 crore against the same amount prescribed for the company in the financial year 2019-20 as per the CSR laws.
The provisions pertaining to corporate social responsibility as prescribed under Section 135 of the Companies Act, 2013 makes it mandatory for the companies to spend 2 % of the average net profits of a Company made during the three immediately preceding financial years.
CSR implementation by Biocon Foundation, Biocon Academy
The CSR projects of the company was implemented by Biocon Foundation and Biocon Academy, the extended arms of Biocon.
Biocon Foundation, a non-profit charitable Trust and the own Foundation of Biocon Limited is the prime implementing agencyfor social responsibility activities. The Foundation has been involved in helping thecommunity by providing healthcare and education facilities.
Biocon Academy spearheads Biocon Group’s CSR initiatives in technical and professional education. The Academy was establishedas a Centre of Excellence for Advanced Learning in Biosciences in 2014.
"THE FOUNDATIONHAS BUILT A STRONG REPUTATION FOR THE QUALITY OF ITS PROGRAMSAND THEIR IMPACTIN ADDRESSING SOCIAL, HUMANITARIAN AND ENVIRONMENTAL CHALLENGES FACEDBY THE COMMUNITIES IT SERVES. THE FOUNDATION LEVERAGES TECHNOLOGICALINNOVATION AS A FORCE MULTIPLIER TO ACHIEVE MAXIMUM IMPACT."