Busienss Standard, Nov 9, 2009
BS Reporter / Mumbai
Vedanta Aluminium Ltd (VAL), a subsidiary of the London-listed Vedanta Resources, is planning to increase its investment on corporate social responsibility (CSR) to 5 per cent of its net profit from the current fixed level of Rs 120 crore.
According to Mukesh Kumar, chief operating officer of VAL, mining operations are currently in losses. This may see a turnaround after commencement of the Lanjigarh bauxite mine in Orissa. The project, with bauxite deposits of 73 million tonnes, is facing local resistance. It is likely to begin commercial production in eight to nine months.
Vedanta Foundation, the prime driver of the CSR initiative of Vedanta group, is focusing on healthcare, education and overall improvement of life of the poorest people of all sections, irrespective of whether they are affected or not by its projects.
One such initiative taken up is ‘Vedanta Shiksha’, an education project initiated by Vedanta Foundation in July 2007. It now has 200 centres.
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