India Inc opens coffers to fight Covid-19

Rajesh Kurup Mumbai | Updated on March 29, 2020 Published on March 29, 2020

Contributions of over ₹2,000 crore with more expected

India Inc is opening its heart and coffers in the fight against the coronavirus, already pledging over ₹2,100 crore. The corpus is increase every day as more and more companies are pitching in with their contribution. A number of prominent citizens and celebrities are also doing their part by contributing to the PM CARES Fund.

The highest so far has come from the Tata Group, which has pledged ₹1,500 crore, of which ₹1,000 crore would be provided by Tata Sons and the remaining ₹500 crore by Tata Trusts.

“The country is facing an unprecedented situation and crisis. All of us would have to do whatever it takes to alleviate and enhance the quality of lives of the communities we serve,” Tata Sons’ Chairman N. Chandrasekaran said.

“In this exceptionally difficult period, I believe that urgent emergency resources need to be deployed to cope with the needs of fighting the Covid-1919 crisis, which is one of the toughest challenges the human race will face,” Tata Trusts Chairman Ratan N Tata said.

JSW Group has committed more than ₹100 crore for the Centre and State governments’ efforts against the pandemic, while each employee offering a day’s salary to PM’s fund.

“These immediate contributions are what we see is the need of the hour, and we have earmarked further monetary and non-monetary contributions so as to dynamically respond to all societal requirements in future,” JSW Group Chairman Sajjan Jindal said.

Vedanta Resources has set up a ₹100 crore fund to cater to the livelihood of the daily wage and contract workers, staff, and for preventive healthcare among others.

“This fund is a first step on Vedanta’s behalf and we will increase the corpus if the need arises,” Anil Agarwal, Executive Chairman, Vedanta Resources said.

Kotak Mahindra Bank and its Managing Director Uday Kotak have committed a total of ₹60 crore towards Covid-19 relief operations. Of this, Kotak Mahindra Bank will give ₹25 crore to the PM ‘s Fund and ₹10 crore to Maharashtra Chief Minister’s Relief Fund, while Uday Kotak has announced a personal commitment of ₹25 crore to PM’s fund.

The Adani Foundation has committed assistance to a direct contribution to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund with a donation of ₹100 crore

Reliance Industries Chairman Mukesh Ambani, who gave ₹5 crore to he Maharashtra CM’s fund, had earlier announced setting up of isolation centres and a hospital for Covid-19 victims.

Mahindra Foundation, Mahindra & Mahindra’s CSR arm, is creating a fund to which M&M Chairman Anand Mahindra will contribute his salary, while Mahindra Holidays has offered to convert some of its resorts into temporary quarantine facilities. M&M would make face shields and produce ventilators, while Maruti Suzuki is also readying to make ventilators.

Several FMCG companies such as ITC (₹150 crore), HUL (₹100 crore) and Godrej (₹50 crore) in their fight against the pandemic. The employees of Airport Authority of India have raised ₹20 crore as an initial contribution and Central Board of Secondary Education ₹21 lakh from employees for PM’s fund.

“Collectively, as responsible citizens of this country, we shall make all efforts to protect, empower and help effected communities to tide over this emergency,” AAI said in a tweet.

T-Series honcho Bhushan Kumar will donate ₹12 crore (₹11 crore to PM’s fund and ₹1 crore to Maharashtra CM’s fund), while actor Akshay Kumar pledged ₹25 crore and Randeep Hooda and Jay Patel ₹1 crore among others.

Online payments platform Paytm has launched a ₹500-crore pledge campaign, while competitor PhonePe has launched a campaign to raise ₹100 crore.

Published on March 29, 2020

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