Financial Daily from THE HINDU group of publications
Sunday, Oct 02, 2005
Financial Daily from THE HINDU group of publications Sunday, Oct 02, 2005 |
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Corporate
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Society & Development M&M commits 1 pc PAT to social projects Our Bureau
REACHING OUT: Mr Keshub Mahindra, Chairman, Mahindra & Mahindra, with Mr Anand Mahindra (left), Vice-Chairman and Managing Director, addressing a press conference in the Capital on Saturday. — Kamal Narang
New Delhi , Oct. 1 MAHINDRA & Mahindra on Saturday said that it would commit one per cent of profit after tax (PAT), amounting to around Rs 7-8 crore per year, on a continuing basis to support various social projects. Making the announcements as part of its corporate social responsibility (CSR) programme and marking the completion of the company's 60 years, Mr Keshub Mahindra, Chairman of Mahindra & Mahindra (M&M), said the company has decided to set up two `Mahindra Pride' schools in Hyderabad and Mumbai to impart training skills and help economically disadvantaged youth tap employment opportunities. He added that the Nanhi Kali project for the girl child would reach out to one-lakh girl children by 2008 from the present 4,000. The $2.5-billion group would partner with Nandi Foundation in these initiatives. Mr Mahindra said the `Mahindra All India Talent' scholarships would now be given to 600 students per year. The company has also introduced Employee Social Options (ESOPs) through which the 24,000-strong workforce of M&M could extend help in any of the social projects. "To celebrate our 60th year, we want to give not just of our wealth but of our time and of ourselves. We are privileged to offer Employee Social Options that will provide them with a wide menu of CSR projects for which they can volunteer," said Mr Anand Mahindra, Vice-Chairman and Managing Director, M&M. The company also announced that it would sponsor the treatment and recovery-cum-rehabilitation of 60 hearing-impaired underprivileged children through the cochlear implant programme at a cost of Rs 3 crore.
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