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Indian companies embrace charity work
By siliconindia
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Wednesday, 09 January 2008, 02:12 IST |
1 Comments
New Delhi: With charity becoming a trend in the IT industry worldwide, Indian companies are embracing philanthropic work as they generate wealth, reported The Economic Times.
The donations by publicly listed companies have risen to a new high as companies shelled out more than $106.2 million in FY07. According to data culled from a sample of about 3,300 listed companies, corporate donations for FY07 increased by 30 percent to $106.6 million as compared to the previous year's around $81 million.
However, corporate donations in India include donations to political parties, which can scarcely be considered to be philanthropy. Most companies do not provide detailed information as to whom they donated to.
Though largely led by the traditional donors, the list of top corporate donors last year includes a few new entrants. While Reliance Industries, the country?s largest company, continued to lead the list of donors, Sobha Developers and Suzlon were among the newbies who entered the top-ten list last year, pushing out Tech Mahindra and Bharti Airtel.
Among others who contributed Rs 10 crore plus last financial year included Infosys, Hindalco, Jaiprakash Associates, Jindal Steel, HPCL, Ambuja Cements and Grasim who have been among the top donors in recent years. Companies whose donation amount more than doubled last year include Ambuja Cements, Suzlon, Sobha Developers, Grasim, Pidilite, Omaxe, JSW Steel, MICO, Jindal Stainless, Sundaram Finance, Cummins India among others.
