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India's second largest IT firm Infosys today said it will contribute Rs 240 crore this fiscal to its philanthropic arm, Infosys Foundation, for funding corporate social responsibility (CSR) activities.
The Bangalore-based firm has already contributed $8 million (Rs 48 crore) in the first quarter ended June 30, 2014, to Infosys Foundation.
"It will work out to around Rs 240 crore. As of now, we have contributed Rs 48 crore in the first quarter," Infosys CFO Rajiv Bansal told reporters here.
Infosys is one of the first Indian companies to contribute to CSR activities as per the New Companies Act.
Under the New Companies Act, large companies need to spend at least 2% of their average net profit for immediately preceding three financial years on CSR activities.
"We are happy to be fulfilling the social responsibility of Infosys. The Infosys Foundation creates opportunities and strives towards a more equitable society," Infosys CEO and MD S D Shibulal said.
Established in 1996, Infosys Foundation works in the areas of healthcare, education, culture, destitute care and rural development.
The Foundation had taken up relief work at various calamity-affected areas of Tamil Nadu, Andaman Islands, Kutch, Orissa and Andhra Pradesh. It has also set up more than 50,000 school libraries across Karnataka.
