JSW Steel, one of the top steel producers of the country, will be increasing its expenses on CSR activities in the next fiscal by allocating 1.5 per cent of its net profit towards such initiatives.
"We will spend 1.5 per cent of our net profit on CSR activities in the country next fiscal, even as the business environment is saddled by tough times amidst the global industrial downturn," JSW Steel Vice-Chairman & Managing Director Sajjan Jindal had said while addressing a Chilean delegation recently.
A JSW Steel spokesperson said this move would take up the group's spending on CSR initiative by up to 10 per cent of the present expenditure.
The company has already spent about Rs 45 crore this fiscal on CSR activities.
Highlighting the importance of CSR activities, Chilean President Michelle Bachelet, who was leading the delegation had said much is still to be done in both the countries to bring overall development.
JSW Steel, which recently bagged the prestigious 'Golden Peacock Award 2008 for its CSR initiatives, undertakes such activities through JSW foundation.
