Despite incurring net losses to the tune of Rs.1,421 crore during 2015-16, Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant, does not want to compromise on its spending on Corporate Social Responsibility.
The company spent Rs.8.75 crore on CSR during the last fiscal. During the first half of the current financial year, it spent nearly Rs.5 crore.
Another Rs.4 crore will be spent by the end of this financial year. The focus area of RINL has remained sanitation under Swachh Bharat campaign, health and education infrastructure.
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The company during the past five to six years spent nearly Rs.126 crore under various activities in Visakhapatnam and its neighbourhood.
“CSR is a duty of every corporate body to protect the interests of the society at large. We will continue to take up more activities on a regular basis,” RINL Chairman-cum-Managing Director P. Madhusudan has said. “True to its spirit of helping others in society, as a responsible corporate entity we have been continuously striving to bring in efforts and initiatives for tangible change in the lives of the people,” he said.
Mr. Madhusudan has stated that CSR of the company is based on the twin pillars of inclusive growth and sustainable development. RINL focuses on implementation of CSR programmes and reviewing the progress on regular basis.
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It has taken up several projects under education, health, sanitation, environment improvement and skill development.
The company spent nearly Rs. 5 crore during the first half of the current financial year.