ITC sets up Rs 150 crore COVID-19 contingency fund
ITC Limited has informed that its factories are manufacturing essential items like wheat flour, noodles, biscuits, snacks, soaps, sanitisers etc and operating partially with limited workforce. This comes in the light of the situation arising due to the spread of COVID-19 and the directives received from the central and state governments as well as local bodies.
Apart from the factories manufacturing essential items, as stated above, the company has also suspended operations at certain factories and plant locations.
Further, in order 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, the company is setting up a contingency fund of Rs 150 crore. In addition, it will also collaborate with district authorities to provide assistance to district health & rural healthcare ecosystem in reaching out to the weakest sections of the society.
It is also envisaged that the resources under this fund, will be channelised for the protection and well-being of the ground forces, which are doing commendable work to provide medicines, groceries and essential goods, sourcing of agri-commodities etc to people across the country during the lockdown, thereby extending protective personal gear and hygiene products to such frontline warriors.
On Friday, the stock of ITC jumped 5.6 per cent to Rs 166 from its previous close of Rs 157.20 on BSE. Later, it got closed at Rs 162.90.