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  Business   Companies  27 Mar 2020  ITC announces Rs 150 crore COVID-19 contingency fund

ITC announces Rs 150 crore COVID-19 contingency fund

PTI
Published : Mar 27, 2020, 2:15 pm IST
Updated : Mar 27, 2020, 2:15 pm IST

This fund will be utilised primarily to provide relief to the vulnerable and most needy sections of society

 ITC Limited. (Photo- PTI)
  ITC Limited. (Photo- PTI)

New Delhi: FMCG major ITC on Friday announced setting up of a Rs 150-crore coronavirus contingency fund for vulnerable sections of society.

Apart from setting up of the fund, the company said it will collaborate with authorities to provide assistance to district health and rural healthcare eco-system that reaches out to the weakest sections of society.

 

"Over the past few weeks several initiatives have been implemented in response to the crisis. We are now happy to announce that ITC is setting up a contingency fund of Rs 150 crore to address and manage the challenges arising out of this adversity," the company said in a statement.

This fund will be utilised primarily to provide relief to the vulnerable and most needy sections of society who have been harshly impacted by the pandemic and have faced significant disruption in their livelihoods, it added.

The resources under this fund will be channelised towards the protection and well-being of the ground forces who are doing commendable work to reach medicines, groceries, other essential goods for people across the country during the lockdown, "by providing protective personal gear and hygiene products to such frontline warriors," it said.

 

Stating that many of the vulnerable sections reside in rural India, the company also said it has geared its value-chain to lend support to the government in its efforts to fight this threat to the people of India.

ITC is committed to support the government's efforts and play its part in fighting this pandemic with compassion and resilience, it added.

Tags: itc ltd, coronavirus funds, covid 19 india, coronavirus outbreak, coronavirus impact, coronavirus, itc
Location: India, Delhi, New Delhi