New Delhi, 13 August 2020: India’s second largest manufacturer of automotive and industrial lubricants, Castrol India has exceeded its CSR budget in the financial year 2019-20 by spending Rs 22.7 crore against the target of Rs 21.7 crore. The prescribed CSR budget of a company is calculated as 2% of the average net profit of the company in the past three financial years (2016, 2017 and 2018). Calculated in accordance with the provisions of the Section 198 of the Companies Act, 2013 Castrol India’s average net profit for the past three financial years stood at Rs 1083.1 Crores, disclosed the company in its annual report.
The company targets truck drivers and mechanics that play a significant role in keeping the wheels of this sector moving under its CSR activities. "Truck drivers carry the majority of freight traffic in the country while mechanics service one of the largest automotive markets in the world", it says.
There are two major CSR programmes of the company Castrol Sarathi Mitra and Castrol Eklavya.
Sarathi Mitra: It is a programme focusing on holistic development of truck drivers. The programme aims at holistically improving lives of truck drivers through interventions that enable a sustainable livelihood and opportunities for socioeconomic growth. The programme was launched in 2017 and focuses on road safety training, financial literacy training and eye checks with distribution of corrective glasses and overall well being of the truck drivers.
Castrol Eklavya: This Programme is designed for mechanics with an aim to strengthen skills development in automotive and industrial sectors. During the year 2019 around 8,000 two-wheeler technicians were provided technical skills that are in tune with upgraded technology and life competency skills through the Castrol Eklavya programme. Launched in 2009 as a pilot programme, the Castrol Eklavya programme is one of the largest skilling initiatives in the automotive industry in India aiming to deliver inclusive growth for mechanics, covering the basics and focusing on diagnostic skills. Over the years, the programme has evolved to cover 10 states in India and has expanded the curriculum to include digital content on technical skills, life skills, business skills and financial literacy training, claims the company.
Its CSR committee met twice on 30 January 2019 and 23 October 2019. The company implements its CSR programme through implementing agencies like Social Empowerment and Economic Development Society, Pravah, Ambuja Cement Foundation, Friends Union for Energising Lives and Synergie.
"The Company follows an approach of initiating pilot projects to test on-ground relevance with leading non-governmental organisations (NGOs). Based on stakeholder response, partner experience and contribution to agenda, the projects are accordingly scaled up or redesigned," said the report.
