Nobel Laurate Muhammad Yunus invites Indian companies to start a JV with his organisation

Nobel Laurate Mohammed Yunus has invited the Indian companies to start joint ventures with his organisation to start social business, to address social issues without profit motive. Yunus Social Business India, a part of his social business initiative is in talks with various corporates on this.?

?Speaking in an event organised by Tie Chennai, he said, "Today I am here to pitch in with you all for social business here."?

?When asked whether his organisation is doing social business in India, and whether there are joint ventures, he said, "We have talked to a few companies. But the actual work has not been started yet."?

?Aarti Wig, country director, Yunus Social Business India said that the organisation has established a fund and has so far invested in around seven small businesses in India. Yunus Social Business Fund Mumbai (YSBFM) was established and has been offering funds from the year 2011.?

?She added that while there has been talks with corporates for joint venture, not enough joint ventures has been taken place in India so far.?

?However, the organisation has conducted a scope study with US-based shoe company Toms Shoes, which donates one pair of shoe for every shoe gets purchased from the company. It currently distrubutes around 2 million shoes in India as part of philanthropy. The company is looking at changing it to social business with this. However it has not reached the stage of joint venture, she said.