New Delhi, 09 December 2021: Titan, an Indian luxury products company, has spent as much as Rs 37.55 crore on various Corporate Social Responsibility (CSR) projects. The average net profits of the company in the three preceding financial years for the purpose of computation of CSR expenditure was Rs 1,863 crore. Its mandated CSR expenditure (2 percent) was calculated at Rs 37.26 crore. However, the total amount spent by Titan in the financial year 2020-21 amounted to Rs 37.55 crore. Thus, the excessive amount spent amounted to Rs 0.29 crore.
The CSR policy of the company focused on education, especially the education of the underprivileged girl child, skill development for the underprivileged and support for arts, crafts and Indian heritage. Its programmes are being run with the help of NGOs across the four priority states - Tamil Nadu, Uttarakhand, Karnataka, and Sikkim.
CSR amount spent against other than ongoing projects for the financial year
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S.No.
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Project name
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Location
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Amount spent (in crore)
|
|
1.
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COVID-19 response across the country
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Rajasthan, Chhattisgarh, Jharkhand, Orissa, Karnataka, Maharashtra, and Sikkim
|
12.36
|
|
2.
|
Titan Kanya - Academic support. Various centre in Government Schools
|
Tamil Nadu
|
3.08
|
|
3.
|
Titan Kanya - Education support for disadvantaged Girls (upto learning level 5)
|
Uttarakhand, West Bengal, and Uttar Pradesh
|
3.67
|
|
4.
|
Multi thematic approach (Health/Education/Livelihoods)
|
Tamil Nadu
|
2.63
|
|
5.
|
Skill development at Titan LeAP skilling Center (Hub & Spoke Model)
|
Tamil Nadu, Karnataka, and Andhra Pradesh
|
2.31
|
|
|
Others
|
|
13.46
|
|
|
Total
|
|
37.51
|
Titan’s association with MEADOW (Management of Enterprise and Development of Women) is also part of its CSR initiative to improve the quality of life of underprivileged rural women by the way of skill training, women empowerment and sustainable employment.
During the year 2020-21, the CSR programs reached out to 4.66 lakh individuals, claims the company’s annual report. These included the impact that has been created through interventions pertaining to the COVID-19 pandemic. Further, 33.24 lakh individuals/migrants were benefited from the company’s exclusive program titled Mission Gaurav with the Tata Trusts in four states. Therefore, the reach has been in excess of 37.90 lakh individuals during the year 2020-21.
Key highlights
a) Deep engagement towards the community during the pandemic times through both organisational and community support across the country
b) The large scale introduction of technology for both reach and impact in most of the CSR programs in the areas of education and skilling, the biggest being the introduction of Mindspark, a technology-driven initiative for the girl child education
c) Launch of Design Impact Movement for Social Change
d) Launch of Vision Care Centre in two locations in Karnataka and Tamil Nadu
e) Adoption of the Tribal ITI for holistic development in Tamil Nadu as part of Affirmative Action, through a formal Memorandum of Understanding with the Government of Tamil Nadu
f) Completion and hand over of eight large water and sanitation projects in Uttarakhand
Titan’s volunteering program (launched as Titan Footprints) has been successfully operating in all locations over the years. During the year 2020-21, the company clocked more than 4,000 person-hours of volunteering involving employees across the company either in CSR projects or in local causes.
Composition of CSR Committee
Pradyumna Vyas is the Chairman of the CSR committee at Titan. V Arun Roy, Dr. Mohanasankar Sivaprakasam, and C K Venkataraman are other key members of the committee.
