Vedanta to spend Rs125 cr on CSR in India next fiscal

Vedanta to spend Rs125 cr on CSR in India next fiscal

New Delhi: Metal czar Anil Agarwal-promoted Vedanta Resources has lined up Rs125 crore investment for CSR activities in India next fiscal, even as the global economic slowdown is set to squeeze its profits by over 30% in 2008-09.

Touted as one amongst world’s leading philanthropists by the US magazine Forbes, Anil Agarwal told PTI in an interview that the capital expenditure in corporate social responsibility is part of the company’s business plan to “give back to society".

“...We think most of our wealth should go back to the society," NRI billionaire and Vedanta Resources Group Chairman Agarwal said.

Among the areas where Vedanta Group would be investing include education, health, nutrition and women empowerment. The investments would be made across Rajasthan, Orissa, Chhatisgarh, Tamil Nadu and Goa where it has its operations.

The group proposes to cover 2.5 million under-privileged children through computer education, mid-day meal and ‘anganwadi´ projects in over three years span.

Vedanta claims to have already spent Rs186.5 crore over the last four years on various CSR activities in these states.

Besides earmarking Rs125 crore for CSR activities in 2009-10, the global metal and mining company has undertaken ambitious projects, including $3.2 billion (about Rs16,500 crore) university in Orissa and a Rs300-crore cancer hospital in Raipur.