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.
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