New Delhi, 27 January 2021: Cholamandalam Finance, a financial and investment service provider in India has spent Rs28.88 crores towards CSR activities for the financial year 2019-20. Water, sanitation, education and environment remained to be its major focus areas for its corporate social responsibility activities this year. The company headquartered in Chennai has a total of 1029 branches across the country.
The company’s average profit for the past three financial years stood at Rs 1,443.37 crores. As per the provisions of the Companies Act 2013, the company was required to spend at least 2% of the average net profits of the company made during the three immediately preceding financial years. This amount aggregated to Rs 28.87 crores and the company spent Rs28.88 crores towards CSR activities during FY 20.
The company, in April 2020, also contributed a sum of Rs1 crore to The Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund and Rs 3 crores to Government of Tamil Nadu - Chief Minister’s Public Relief Fund for COVID-19 relief activities.
In the previous financial years, Chola’s CSR activities encompassed major themes like Preventive Health Care, Providing Water and Sanitation, promoting education, conservation of natural resources, protecting environment, conservation of art and culture, promotion of sports, providing funds for technology incubators and rural development projects across 12 states and one union territory.
Cholamandalam’s CSR committee comprises M.M. Murugappan as the chairman, Bhama Krishnamurthy and Arun Alagappan as its members. The committee held two meetings during the year ended 31 March, 2020.
Major projects undertaken by the company under its CSR activities
Sustainable and community driven water and sanitation projects: Through Chola CSR initiatives, safe drinking water is provided to communities living in areas which have little or no access to safe drinking water or the available water is contaminated with high levels of fluoride, than the permissible limit in underground water.
Expanding access to quality education for the underprivileged: Chola has been supporting Education Trusts such as the AID India foundation, Nalandaway and Isha Vidya over the past 5 years for providing quality education to economically backward sections of the society.
Areas of implementation
- Balangir, Odisha (Water & Sanitation Facilities In Villages & Schools)
- Nanded, Maharashtra (RO Water Purification Systems)
- Poondi, Tamilnadu (Community Waste Management)
- Karunilam Village, Tamilnadu (Safe & Sustainable Smart Toilets)
Key Achievements
- Increase availability of household toilets
- Improved access to safe and clean drinking water
- Better awareness on hygiene and sanitation
- Developed sustainable practices involving community participation
- Given empowerment to women by providing access to water and toilet facilities helping them maintain hygiene
