Coal India CSR spend higher than statutory requirement
Coal India Ltd’s spend of Rs 513 Crores in FY 23 on corporate social responsibility (CSR) was 15.3% more than the statutory requirement of Rs. 445 Crores. For the fourth year on the trot, the company has achieved this feat.
Coal India CSR spend higher than statutory requirement
NEW DELHI- Coal India Ltd’s spend of Rs 513 Crores in FY 23 on corporate social responsibility (CSR) was 15.3% more than the statutory requirement of Rs. 445 Crores. For the fourth year on the trot, the company has achieved this feat.
More than half of the CSR spend at Rs.1,209 Crores or 54% was on health, sanitation, and nutrition because it is a national theme and mandated by the Department of Public Enterprises. This was followed by education and livelihood which accounted for 21% at Rs. 463 Crores.
The rest was spread on rural development, environmental stability, promotion of sports, and other themes.
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During a four year span till the closure of financial year 2023, CIL as whole spent a total of Rs. 2,238 Crores under its CSR umbrella. This is 29% higher than Rs.1,735 Crores mandated as per Company (CSR) rules 2014. The increase in absolute terms was Rs.503 Crores.
Some of the major CSR projects undertaken during FY 23 include construction of 5,000 seater library at Ranchi University, reconstruction of rain shelter cum common facility center in Badrinath, establishment of centralized kitchen for providing mid-day meals to 50,000 students in Ramgarh (Jharkhand) among others.
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Annual CSR fund allocation of CIL’s subsidiaries under the policy is 2% of the net profit of previous three years or Rs. 2 per tonne of total coal produced in a preceding financial year. Higher of the two is fixed as a subsidiary’s CSR budget for a financial year.
In case of CIL the only difference is that Rs. 2 per tonne of total coal produced by only profit making subsidiaries in a preceding financial year is taken into consideration.
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