:: Technical --- ID :: 18842
Oil companies spent Rs 758 crore from CSR funds in last 5 years in Odisha
Oil companies spent Rs 758 crore from CSR funds in last 5 years in Odisha

Oil companies spent Rs 758 crore from CSR funds in last 5 years in Odisha

State-run oil companies spent Rs 758 crore from their corporate social responsibility (CSR) funds in Odisha in the last five years, with Indian Oil Corp accounting for 57% of the spending, junior oil minister Rameswar Teli told parliament on Wednesday.

Indian Oil Corp spent a total of Rs 431 crore in Odisha from its CSR budget in five years ending March 2021, the government said in response to a question by Prasanna Acharya, a Biju Janata Dal MP in Rajya Sabha from Odisha. Dharmendra Pradhan, who hails from Odisha, was the oil minister during these years.

ONGC, the country’s largest oil and gas producer, was the second-biggest spender. Its expenditure of Rs 122 crore made up 16% of total CSR spending by state-run oil companies. Gas transporter Gail was the third-highest CSR spender in Odisha. It spent Rs 62 crore while BPCL spent Rs 57 crore and HPCL Rs 49 crore. Oil India also spent Rs 26 crore.

The financial year 2019-20 witnessed the highest CSR spending in Odisha by state oil firms. Companies spent Rs 336 crore in 2019-20, or 44% of total spending in five years, driven by Indian Oil’s Rs 206 crore.

In FY19, they together spent Rs 207 crore, or 27% of the total expenses in five years. Last fiscal year, the CSR spending fell to Rs 91 crore, of which Rs 53 crore came from Indian Oil.

Indian law requires companies to spend 2% of their profit on CSR. Resource-rich state oil companies are heavy CSR spenders.

The Economic Times 28-07-2021