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Time of India
3 days ago
- Business
- Time of India
Gujarat emerges as second highest CSR spender in country
1 2 Ahmedabad/Vadodara: Gujarat recorded a sharp rise in corporate social responsibility (CSR) spending in FY 2024, emerging as the second highest contributor in the country after Maharashtra. According to data by the Union ministry of corporate affairs, companies operating in the state spent Rs 2,707.54 crore on CSR activities during the fiscal, registering a robust 31.4% growth over the previous year's Rs 2,060.02 crore. The number of contributing companies also rose to 3,789, indicating growing corporate participation in social development. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad The rise in CSR places Gujarat ahead of traditionally strong industrial hubs like Karnataka, Tamil Nadu, and Delhi, all of which saw more modest increases. While Maharashtra retained its lead with Rs 6,065.95 crore in CSR spend, Gujarat not only narrowed the gap but also posted the highest year-on-year percentage growth among the top five states. Pankaj Kamliya, chief operations officer, Gujarat CSR Authority (GCSRA), said, "The spending by ArcelorMittal Nippon Steel India Limited has substantially grown in the past year, which is reflected in the overall spending. Moreover, the spending in Vadodara district has dramatically improved. Overall, Gujarat-based companies made good profits, which directly led to an increase in CSR spending. The state govt's proactive approach is also helping materialise CSR projects widely, with better local support, a conducive environment to execute projects, and thorough analysis of the requirement of each district and plans of action developed by the govt. " According to experts, Gujarat has seen a substantial number of large industries setting and expanding their footprint in the last decade. Many of them were profitable in recent years, with increasing volumes year after year. The strong presence of large companies in the manufacturing sector has driven the trend of increased spending. "While Karnataka has long been India's IT powerhouse, Gujarat has led in manufacturing. Today, the China Plus One strategy has positioned Gujarat as a key global supplier, driving strong corporate profits. At the same time, a slowdown in the IT sector has squeezed margins for tech firms, impacting Karnataka's economic edge," said Parthesh Vyas, co-CEO of Vadodara-based Fulcrum, a leading consulting, advising, and research firm in the social and CSR sector, which released the 'Bharat CSR Performance Report FY 2023-24' on Monday. "Moreover, while investments in IT may be tapering, Gujarat continues to attract some of the highest foreign investments—thanks to its world-class infrastructure, including excellent roads, ports, and connectivity. This combination has propelled Gujarat to the number two position in corporate profitability, ahead of Karnataka," said Vyas. Notably, CSR spending in Gujarat nearly tripled from Rs 984.37 crore in FY 2020 to Rs 2,707.54 crore in FY 2024. Companies with registered offices or significant operations in Gujarat have increasingly aligned their CSR goals with local developmental priorities, particularly in education, environment, and gender equity. Education emerged as the largest sectoral beneficiary in FY 2024, drawing Rs 1,424.47 crore in funding, up 39.3% from the previous year. Healthcare, even though drawing the second highest CSR spending, witnessed a marginal decline of 5.2% in FY 2024. "One reason could be the govt's increased focus on public health post-Covid. Flagship schemes like Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) have enabled millions to access top-tier treatment across the country, possibly reducing the immediate need for corporate intervention in the healthcare sector through CSR," said Arun Mathai Marette, co-CEO of Fulcrum. In terms of districts, Ahmedabad stood out with the highest CSR inflow at Rs 760.99 crore, accounting for over a quarter of the state's total. Vadodara, Gandhinagar, Jamnagar, and Surat also figured prominently, reflecting the concentration of corporate hubs and industrial zones in these regions.
Time of India
4 days ago
- Business
- Time of India
Sudeep Pharma files draft papers with Sebi to mop up funds via IPO
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Vadodara-based Sudeep Pharma has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering ( IPO ).The IPO is a combination of fresh issuance of equity shares worth Rs 95 crore with an offer for sale of up to 1,00,76,492 shares by the promoter selling shareholders, as per the draft red herring prospectus (DRHP) filed on part of the OFS, Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani and Avani Sujit Bhayani will be offloading their stakes in the company plans a pre-IPO placement of shares aggregating to Rs 19 crore. If the pre-IPO placement is completed, the fresh issue size will be proceeds from its fresh issuance to the extent of Rs 75.81 crore for capital expenditure towards procurement of machinery for its production line located at Nandesari facility, Gujarat, and general corporate its inception in 1989, Sudeep Pharma have expanded its operations from production of excipients (colouring agents and preservatives) to a wide variety of over 100 products in the pharma, food and nutrition industries, as of December 31, company's business is primarily structured into two verticals: pharmaceutical, food and nutrition and specialty ingredients. It operates three manufacturing facilities in Vadodara with a combined annual manufacturing capacity of 65,579 metric of December 31, 2024, the company have built longstanding relationships with marquee customers, including Pfizer, Intas Pharmaceuticals, Mankind Pharma, Merck Group, Cadila Pharmaceutical, Micro Labs, and French multinational the fiscal ended December 31, 2024, the company's revenue from operations and profit after tax stood at Rs 344.45 crore and Rs 94.54 crore, shares of the company are proposed to be listed on the BSE and the Securities and IIFL Capital Services are the book-running lead managers, and MUFG Intime India is the registrar to the IPO.
Indian Express
21-06-2025
- Indian Express
PMLA probe complete, asked banks to unfreeze accounts of bootlegger's brother: Gujarat Police tells HC
Nearly three years after the State Monitoring Cell (SMC) of the Gujarat police directed two banks to freeze accounts of a Vadodara-based businessman to investigate a proposed case under Prevention of Money Laundering Act (PMLA), 2002, against his brother, a wanted alleged bootlegger, the cell informed the Gujarat High Court that it has requested the banks to 'unfreeze' the accounts as the investigation was complete. On Thursday, Justice HD Suthar of the Gujarat HC disposed of the petition filed by Rajesh Udhwani, a resident of Vadodara's Warasiya area and the brother of Vijay Udhwani, who had moved a Special Criminal Application through his advocate Rahul Sharma against the state of Gujarat, Director General and Inspector General of Police, SMC, and Vadodara city branches of two banks — Bank of Baroda and HDFC Bank – after his accounts were frozen in July 2022 at the directions of the SMC. On Thursday, as the petition came up for hearing, the government public prosecutor informed the court that the SMC, had, through a communication to the banks in April, directed that the two accounts held by Rajesh Udhwani be 'unfreezed' as the 'investigation was done'. The court, in an oral order, disposed of the petition and said, 'In view of the communication dated 29.04.2025 prepared by the Police Sub-Inspector, State Monitoring Cell, Gujarat State, the application stands disposed of as having become infructuous.' In his petition before the HC, the petitioner stated that he runs a liquor business in Rajasthan and a retail cloth store in Vadodara city. He challenged the seizure of his two bank accounts with the HDFC and the Bank of Baroda, which was effected by both banks in July 2022, on the directions of the SMC. The petition stated that Rajesh Udhwani 'has no criminal antecedent and is not involved in any criminal activity'. The petitioner had stated that he 'has reasons to believe that his bank accounts were seized because several offences under the Gujarat Prohibition Act, 1949, have been registered against his brother.' Rajesh Udhawani's advocate Rahul Sharma told The Indian Express, 'The petition contended that seizure of bank accounts of any person, without there being any connection with any crime, is not permissible under law. There is also no reason for the police to suspect the commission of any crime. Therefore, the prayer was that the order of the SMC to seize the accounts of the petitioner be quashed and set aside and the petitioner be allowed to operate his bank account without any hindrance… The SMC had frozen the accounts without following the process of law.' In a letter sent to the manager of the banks in April, the Deputy Inspector General of Police, SMC, directed that the accounts be 'unfreezed'. The letter, which is now part of the annexures presented before the HC by the petitioner, and signed by Police Sub-inspector of SMC, said, 'An offence has been registered (in 2021)… for the purpose of PMLA (money laundering) proposal of the accused and to further investigate the case, the Investigating Officer JH Dahiya, Police Inspector SMC Gandhinagar, with cited reference letter, has examined account details of the accounts connected and familiar with the main accused… and after that the IO had requested your bank to freeze and mark this account as 'No Debit' till further instructions from his office… Investigation of the account has been done… so you are requested to unfreeze the account.' The petitioner's brother, Vijay Udhwani alias Viju Sindhi, is an alleged bootlegger who has multiple cases against him across the state as well as a red corner notice. Vijay has been on the run since his name cropped up in the murder of gangster Mukesh Harjani in Vadodara in 2016. In February, the SMC had booked Vijay under the GUCTOC Act along with his gang members in hundreds of collective cases. Vijay has challenged the FIR in the Gujarat HC.
NDTV
14-06-2025
- General
- NDTV
Mass Coffin-Making Underway In Ahmedabad After Plane Crash Death Count Rises
Vadodara: In the aftermath of Air India plane crash in Ahmedabad that claimed 241 lives, the somber task of preparing coffins is now underway. Responding to the heartbreaking scale of the disaster, Air India has placed an urgent order for over 100 coffins from a Vadodara-based organisation to facilitate the dignified return of the deceased to their families. The coffins are expected to arrive in Ahmedabad by late Saturday night, with 25 already dispatched this afternoon. The workers behind the scenes are grappling with the emotional weight of their assignment. Edwin, who heads the coffin-making unit, said: "It normally takes two to three hours to craft a single coffin. We have seven to eight men working round-the-clock. But this time, it feels different. We are making coffins for so many souls at once. It's hard to even believe such a tragedy has happened. The entire team is emotionally shaken." Each coffin is crafted from durable wood to ensure safe handling and preservation of the remains. Given the condition of many of the bodies, special care is taken regarding the dimensions. A plastic lining is also placed inside each coffin to prevent leakage and contamination, protecting both the remains and the handlers. "We stayed up late last night and managed to finish 25 coffins," Edwin added. "They left for Ahmedabad at 3 p.m. today. The remaining coffins will be sent by night." In Ahmedabad, DNA identification of victims is underway at the Civil Hospital. Bodies will only be released to families once forensic teams confirm identities - a process that has added another layer of grief and delay for bereaved relatives. Meanwhile, the Gujarat branch of the Indian Medical Association (IMA) has made an emotional appeal to Tata Sons Chairman N. Chandrasekaran for additional assistance for the students of B.J. Medical College who were injured or lost their lives in the disaster. The crash, which occurred just seconds after take-off from Ahmedabad's Sardar Vallabhbhai Patel International Airport on June 12, devastated a hostel housing MBBS students when the aircraft struck the Atulyam building near Meghaninagar. While the nation reels from the scale of the tragedy, the IMA has taken a step to ensure that the aspiring doctors -- many of them first and second-year students -- are not forgotten in the relief efforts. In a letter addressed to Tata Sons, the IMA wrote: "These students were not only victims of the accident, but they were the foundation of our future healthcare system. Their families deserve the same respect, compensation, and support as any other passenger affected by the crash." (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Indian Express
13-06-2025
- Indian Express
Parents headed to London, children returning after visit: The story of 27 Vadodara families hit by Air India plane crash
Kalpana Prajapati from Manjalpur area of Vadodara was travelling to London for the first time. She was headed to visit her son Vraj — a wish she had harboured for long. Her husband Rajendra, who had dropped her off at the airport on Thursday, had barely reached Nadiad when he received the news that her flight AI-171 had crashed. Kalpana's story is similar to that of at least 27 Vadodara-based families – parents leaving for London to meet their children or the latter returning to the UK after visiting their kin – hit by the tragedy. Neighbours say that due to Kalpana's 'close ties' with their families, many of them had come to see her off on Thursday morning. 'The entire neighbourhood is weeping… We did not expect this. She was a doting mother, who only wanted to meet her son,' a neighbour said. Like Kalpana, Bharti Patel, another resident of Manjalpur, was going to London to meet her son. Similarly, Nizampura residents Vinod Patel and his wife Usha had boarded the flight to go to London where their son resides. Following the crash, their son is now travelling to India to submit his DNA samples. Among the passengers on the ill-fated flight was London-based Ketan Shah who was visiting his ailing father in Vadodara. Ketan is survived by his wife and two children, based in London.
