{"id":43779,"date":"2019-10-02T20:07:33","date_gmt":"2019-10-02T18:07:33","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=43779"},"modified":"2019-10-02T20:10:02","modified_gmt":"2019-10-02T18:10:02","slug":"companies-looking-to-channelise-csr-spend-into-research","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/companies-looking-to-channelise-csr-spend-into-research\/","title":{"rendered":"Companies looking to channelise CSR spend into research"},"content":{"rendered":"

Companies such as Larson & Toubro,\u00a0Schneider Electric<\/a>\u00a0India, Dabur and ITC are looking at funding key research works in top institutions in the wake of the government\u2019s decision to expand the scope of mandatory corporate social responsibility spending.<\/p>\n

Finance minister Nirmala Sitharaman had last month announced that India Inc can now use their CSR spending on publicly funded incubators and contribute to research in science, technology, medicine and engineering at major institutions to help boost R&D investments in the country.<\/p>\n

L&T, Schneider, Dabur and ITC have been engaged with institutes through their incubation facilities.<\/p>\n

Now they are exploring funding research activities as well, using their CSR funds.<\/p>\n

\u201cThis announcement is seen by L&T as making additional resources available for funding R&D projects collaboratively with national institutions of eminence and excellence.<\/p>\n

This will help to increase the nation\u2019s R&D spend,\u201d said Yogi Sriram, senior vice president (corporate human resources) at L&T.<\/p>\n

The engineering company has existing collaborations with\u00a0Defence Research and Development Organisation<\/a>\u00a0(DRDO), Department of Atomic Energy (DAE), Indian Space Research Organisation (ISRO), Council of Scientific and Industrial Research (CSIR) and some Indian Institutes of Technology (IITs).<\/p>\n

Schneider is \u201clooking at investing in research around energy and energy digitalisation space in colleges through CSR funding\u201d, said Venkat Garimella, vice president, strategy & alliance at the Gurgaon-based energy management company.<\/p>\n

Dabur is looking at expanding funding research activities in ayurveda.<\/p>\n

\u201cThe move to expand the scope of corporate spends under CSR norms would encourage companies to deploy CSR funds on research, specially to promote our traditional medicine ayurveda through science-based interventions and research,\u201d said A Sudhakar, CSR head at Dabur India.<\/p>\n

The ayurvedic and natural consumer products company had been investing in validation of the benefits of ayurveda and ayurvedic ingredients.<\/p>\n

Kolkata-based tobacco-to-hospitality conglomerate ITC plans to fund agriculture research. \u201cWe have been engaged with incubators in areas like farm equipment that reduces the physical drudgery of small farmers and smart irrigation that optimises water consumption; we will now explore other possibilities in agriculture and value addition to farm produce, maybe even waste management,\u201d said S Sivakumar, group head of agriculture business and IT at ITC Ltd.<\/p>\n

IITs eye more corporate funding<\/strong>
\nAcademic and research institutions, on their part, are drawing up plans to tap CSR investment from India Inc to fund research in technology and innovation. Colleges are eyeing industry-academia alliances not just for funds but also for targeted collaborations in areas relevant to industry.<\/p>\n

\u201cOur current CSR partners towards incubated startups include\u00a0Pfizer<\/a>\u00a0and a few PSUs,\u201d said Anil Wali, managing director of Foundation for Innovation and Technology Transfer at IIT Delhi. \u201cWe hope to raise twice the amount this calendar year over the previous year.\u201d<\/p>\n

IIT Delhi\u2019s incubator has partnered with corporates including telecom equipment maker Ericsson, drugmaker Pfizer, and state-run firms Power Finance Corporation, Power System Operation Corporation (Posoco) and Goa Shipyard Ltd to help channel their CSR spends to innovative startups.<\/p>\n

IIT Guwahati plans to tap a host of Indian and global companies across industries, including Intel, Microsoft, BMW Group, TCS, Infosys, Reliance Industries, and Vedanta Group.<\/p>\n

\u201cCSR fund from corporate sectors is very important in order to realise the mission and the vision of IIT Guwahati and to become one of the top 100 universities in global rankings while focusing on cutting-edge research areas,\u201d its director, TG Sitharam, said.<\/p>\n

IIT Mandi is eyeing partnerships in areas such as waste management, disaster management, road safety, health and nutrition, agrotech, clean energy, and application of\u00a0artificial intelligence<\/a>\u00a0and machine learning.<\/p>\n

\u201cWe are not interested in money alone,\u201d said Puran Singh, faculty in-charge at IIT Mandi Catalyst, the institute\u2019s technology business incubator. \u201cThis is an excellent opportunity for incubators to raise funds and propel their efforts to boost startup ecosystem.\u201d<\/p>\n

IIT Kharagpur has been engaged in CSR fund-raising in areas such as livelihood of rural and urban low economy groups, affordable healthcare, food technologies for eradication of hunger and malnutrition, and environmental sustainability.<\/p>\n

Post the amendment in CSR norms, the institute is reaching out to PSUs, IT companies and other private corporations for funding research.<\/p>\n

\u201cInclusion of R&D under CSR is a great step as more people will be benefited out of the research outcomes,\u201d said Sriman Kumar Bhattacharyya, officiating director of IIT Kharagpur. \u201cThis will also enhance industry-academia relationship.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Companies such as Larson & Toubro,\u00a0Schneider Electric\u00a0India, Dabur and ITC are looking at funding key research works in top institutions in the wake of the government\u2019s decision to expand the scope of mandatory corporate social responsibility spending. Finance minister Nirmala Sitharaman had last month announced that India Inc can now use their CSR spending on […]<\/p>\n","protected":false},"author":410,"featured_media":43780,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6261,984],"tags":[6221,6251],"yoast_head":"\nCompanies looking to channelise CSR spend into research - Csr Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/companies-looking-to-channelise-csr-spend-into-research\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies looking to channelise CSR spend into research - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"Companies such as Larson & Toubro,\u00a0Schneider Electric\u00a0India, Dabur and ITC are looking at funding key research works in top institutions in the wake of the government\u2019s decision to expand the scope of mandatory corporate social responsibility spending. 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