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JSW Steel Spent INR 63 crore on CSR in FY19

Steel News - Published on Thu, 11 Jul 2019

JSW Steel Ltd spent INR 63 crore on Corporate Social Responsibility initiatives during the financial year (FY) 2018-19, according to annual report published by the company. This expenditure is as per the prescribed limit of 2% of the company’s net profit for the last 3 financial years, mandated in the Indian Companies Act, 2013. The Companies Act 2013 prescribes 17 areas of CSR activity in Schedule VII of the act. Section 135 of the Act lays down rules for CSR activity in India.

The policy which became effective from 1 April, 2014, mandates those companies for CSR activity which have net worth of 5 billion rupees or more; or turnover of 10 billion rupees or more; or net profit of 50 million rupees or more during any financial year.

The average net profit of the company for the last three financial year stood at INR 3,137 crore.

The company spent INR 28 crore on activities related to improving living conditions for the people. The company spent INR 11 crore on education, INR 5 crore each on addressing environmental issues and sports training.

The other important areas of the CSR expenditure were preserving national heritage, addressing social inequalities, rural development, Swachha Bharat Abhiyaan.

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Posted By : Ratan Singh on Thu, 11 Jul 2019
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