Coromandel extends finance support to local school

Coromandel and IIM-A Alumni Association to contribute Rs 3.5 cr each to school's corpus

Coromandel International Limited has a signed a memorandum of understanding (MoU) with IIM Ahmedabad Alumni Association Hyderabad Chapter Charitable Trust (IIMAAA) to provide financial assistance to the tune of Rs 4.55 crore to Udbhav School in Rasoolpura of Secunderabad

As per the MoU, a common trust would be created by Coromandel and IIMAAA and both would contribute Rs 3.5 crore each to its corpus. This apart, the Murugappa group company would give Rs 35 lakh a year for a period of three years for sustenance of day-to-day operations of the school.

The annual expenditure of the school, which is currently managed by IIMAAA, has been estimated at Rs 70 lakh. It has over 600 students whose parents income per month do not exceed Rs 3,500. The school imparts holistic education with the goal of making every child "life ready".

Murugappa group executive chairman, A Vellayan, said the group had always looked beyond business and was contributing 1 per cent of its net profit towards corporate social responsibility (CSR) activities. Accordingly, it had spent up to Rs 13 crore last financial year on the initiatives in the fields of education and healthcare. From 2014-15 onwards, the group would earmark 2 per cent of its net profit for CSR initiatives.