Reliance Industries Stands Tall in Corporate Philanthropy, Mukesh Ambani Foregoes Salary for Fourth Year

Reliance Industries Limited maintained its status as India's largest corporate philanthropic entity, contributing Rs 1,592 crores to various CSR initiatives. The efforts by Reliance Foundation reached 76 million people across 55,500 villages. Mukesh Ambani continued to forgo his salary for the fourth consecutive year.

Reliance Industries Limited (RIL) has reinforced its position as India's largest corporate philanthropist. During the fiscal year 2023-24, the conglomerate funneled Rs 1,592 crores into a multitude of impactful CSR initiatives through its dedicated arm, Reliance Foundation. This elevates its three-year CSR cumulative spend to over Rs 4,000 crores.

In India, companies are mandated to allocate a fraction of their funds to Corporate Social Responsibility (CSR). Reliance Foundation's initiatives span across sectors including rural transformation, health, education, sports, women empowerment, arts, culture, and heritage, as well as disaster management.

By 2023-24, Reliance Foundation reported having touched the lives of 76 million people across over 55,500 villages. Notable highlights include enhancements in agricultural livelihoods for 2.6 million people and reaching 3.7 million with advisories to transform their lives. In healthcare, over 710,000 consultations were provided across various care levels. In education, the foundation's initiatives range from early childhood to higher education, including the launch of Nita Mukesh Ambani Junior School in Mumbai.

Women empowerment saw significant advancements, including a rural entrepreneurship initiative in collaboration with the Bill & Melinda Gates Foundation that reached 346,000 women in FY 2023-24.

Reliance Foundation's Sports for Development programme aims to fortify India's sports ecosystem and nurture grassroots talent, contributing to the nation's Olympic aspirations. This year saw the launch of the Olympic Values Education Programme (OVEP) to encourage children's participation in sports.

In arts and culture, the Nita Mukesh Ambani Cultural Centre (NMACC) showcased traditional artisans and renovated the historic Kalighat Temple in Kolkata. Region-specific festivals were also supported.

Remarkably, Mukesh Ambani, RIL Chairman, continued his practice of foregoing his remuneration for the fourth consecutive year. Ambani has not drawn a salary since June 2020, amidst the COVID-19 pandemic, setting a notable precedent in corporate leadership.

(With inputs from agencies.)