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Corporate aid pours in for cyclone-hit Odisha; ICICI Bank, Adani chip in

SAIL has announced supply of 1,500 steel beams for electric poles

BS Reporter  |  Bhubaneswar 

cyclone fani
A fish vendor holds onto his umbrella against the fast blowing wind, on the banks of Brahmaputra river, in Guwahati on Saturday. Cyclone Fani slammed into Odisha on Friday morning with the force of a major hurricane, packing 200 kmph winds

As continues to wrestle with the aftermath of Fani, corporate aid has been pouring into the state in the form of pecuniary contributions and material to rebuild the ravaged zones.

Steel Authority of India Ltd (SAIL) on Tuesday announced that it would supply 15,000 electric poles to areas devastated by the tropical storm.

moved special quality Wide Parallel Beam (WPB-160) electric poles on topmost priority to cyclone-hit areas in

Responding to the immediate requirement of the state government, the Ministry of Steel had directed to ensure all-out efforts to meet the requirements of cyclone-hit quickly moved the first consignment of 500 electric poles to the disaster affected areas and it reached the sites on May 5 (at 3 am). An additional 5,000 poles are already on their way to the affected areas.

SAIL also decided to suspend production from its new medium structural mill at Durgapur to focus on the production of wide parallel beam electric poles. SAIL is mobilising resources from across the country to move electric poles to the affected areas on an urgent basis.

Adani Group has announced a Rs 25 crore contribution to the Chief Minister's Relief Fund. “For immediate relief, we commit to contribute Rs 25 crore to the Chief Minister's Relief Fund. Going forward, we also plan to provide key resources for the massive rehabilitation work underway,” said a statement issued by the company.

ICICI Bank, too, has chipped in with Rs 10 crore to help the state government and the local administration in rescue and restoration efforts. A major chunk of the bank's contribution will flow into the Chief Minister's Relief Fund. ICICI Bank has also announced sops for its customers in devastated regions. The bank will waive off penalties on late payment of EMIs (equated monthly installments) in May for retail loans - home, car and personal. The bank has also decided not to penalise customers for late payment of credit card dues or bouncing of cheques..

The Ministry of Corporate Affairs has informed the Special Relief Commissioner (Odisha) that all contributions from corporate houses to the Odisha State Disaster Management Authority (OSDMA) will be treated as corporate social responsibility (CSR) activity.

Since, OSDMA is an Odisha government promoted society registered under Societies Registration Act, 1860, it is eligible to receive CSR funds for undertaking any activity covered under schedule VII of the companies act, 2013, which includes relief, rehabilitation and reconstruction activities as part of disaster management.

First Published: Tue, May 07 2019. 20:05 IST