Mumbai: Reliance Industries Ltd has won the Platts Global Energy Award in the Corporate Social Responsibility (CSR) category, which is often described as the ‘Academy Awards’ of the energy sector.
The 17th Platts Global Energy Awards 2015 were held at Cipriani (Wall Street) in New York City late Wednesday.
"The Platts CSR award recognises the organisation that best demonstrates leadership, commitment to action and real-world impacts from across its business," said a release from Reliance Industries. The award highlights upon the ever important convergence of profitability and company values.
Platts, which is a resource on energy, petrochemicals, metals and agriculture, and part of the McGraw Hill group that has such brands as Standard an Poor's its portfolio, said, "Rather than an obligation, corporate social responsibility is a voluntary commitment which greatly motivates employee morale, is of fundamental interest to customers, investors and other key stakeholders and is a key determinant of a company’s character."
Talking about Reliance Industries, the Platts adjudicators said, "Reliance, India's second largest company by market value and led by India's richest man (Mukesh Ambani), earned 2015 revenue of $62.5 billion." It also said that against the requirement of earmarking 2 percent of net profit on social causes, Indian energy firms were the highest spenders last year.
Platts mentioned Reliance Industries' initiatives through institutions such as its foundation in areas like health, rural transformation, sports, disaster response, HIV/AIDS and building parks.
"Judges admired its robust long-standing portfolio, deriving much of its revenue from verticals in the energy value chain, including businesses in exploration and production, refining and marketing and petrochemicals. It has also balanced its portfolio with businesses in media, retail and telecommunications," Platts said.
The CSR activities of Reliance Industries is spearheaded by Reliance Foundation.
"As a corporate aware of its social responsibilities, Reliance Foundation, led by chairperson Nita Ambani, has touched the lives of more than four million people across India, in more than 5,500 villages and urban locations," the Reliance Industries statement said.
With IANS input
(Disclosure: Firstpost is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited.)
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Updated Date: Dec 10, 2015 20:33:06 IST