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ITC setting up Rs 150 crore COVID-19 fund for underprivileged

Business Finance

Press Trust of India  |  Kolkata 

ITC Ltd on Friday said it is setting up a contingency fund of Rs 150 crore for vulnerable sections of the society in the wake of the coronavirus outbreak.

The corpus is created to address and manage the challenges arising out of the adversity, a company statement said.

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

In addition, the company said it will collaborate with local authorities to provide assistance to the district health and rural healthcare eco-system that reaches out to the weakest sections of the society.

The diversified conglomerate stated that resources under this fund will be channelised towards the protection and well-being of the ground forces who are doing their works to reach medicines, groceries, other essential goods and sourcing of agri-commodities, among other for people across the country during the lockdown.

ITC has geared its value-chain to lend support to the government in its efforts to fight the threat, a company official said.

"In these trying times, it is critical to ensure adequate availability of essential food and hygiene products in the country. We are working with state authorities and local administration to ensure that manufacturing and distribution activities continue uninterrupted with bare minimum people," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 27 2020. 11:46 IST