Never miss the latest ESG news, interviews & insights. Subscribe for our weekly newsletter!

RIL goes beyond prescribed CSR limit yet again! Spends Rs 922 Cr in FY 2020-21

csr

New Delhi, 4 June, 2021: Reliance Industries Limited (RIL), India’s largest multi-national conglomerate headquartered in Mumbai, has spent a whopping Rs 922 Cr towards its CSR activities in the year 2020-21.

The CSR spent by the RIL is Rs 38 crore more than its CSR obligation of Rs 884 Cr for the last financial year. Last year (2019-20) also the company had had spent Rs 909 crore against a prescribed CSR budget of Rs 875 crore.

The company which owns businesses across the country and is engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications had an average net profit of Rs 44,196 crore in the past three years. Its mandated CSR budget was therefore calculated as Rs 884 crore.The CSR budget of a company is calculated as 2% of its average net profit of the past three years. However, the company went a step ahead and spent Rs 922 crore (around 2.09% of the average net profits of the last three financial years) on CSR works.

Releasing its annual report, the company said that the three core commitments of Scale, Impact and Sustainability form the bed-rock of the Company’s philosophy on CSR initiatives. "As per the CSR policy of the Company, Rural Transformation, Health, Education, Environment, Arts, Heritage & Culture and Disaster Response, are the focus areas for CSR engagement," it stated.

CSR focus areas and the amount spent in 2020-21 

                                                                                                                                              

Out of the CSR budget, Rs 335 crore was contributed to Reliance Foundation, Rs 20 crore to Reliance Foundation Youth Sports and Rs 375 crore to Reliance Foundation Institution of Education and Research which are related parties, said the company's annual report.

As per the RIL’s annual report, the company’s CSR initiatives have served more than 4.5 crore people in over 44,700 villages of India since inception.

The company has been spending over and above its CSR limit for the past three years (see table).








The company’s CSR committee consists of Chairman Yogendra P. Trivedi (Non-Executive Director) , Nikhil R. Meswani Member (Executive Director) Dr. Raghunath A. Mashelkar Member (Non-Executive Director) and Dr. Shumeet Banerji Member (Non-Executive Director).

The company’s community-focused programmes aim at bringing about societal change and bridge developmental gaps through education, empowerment led by creation of livelihoods, transformation of ecosystems, reducing gender gap and promoting sustainable development.

The CSR initiatives of the Company have won several awards including India Today-MDRA Special Healthgiri Award 2020, CII National Awards for Excellence in Water Management 2020 in the ‘Beyond the Fence’ category.

Subscribe to our Weekly Newsletter