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

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.

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In addition, the fund will collaborate with district authorities to provide assistance to the district health and rural healthcare ecosystem that reaches out to the weakest sections of society.

Further, it is also envisages that the resources under this fund will be channeled towards the protection and well-being of the ground forces who are doing commendable work to reach medicines, groceries, other essential goods, sourcing of agri-commodities and so on, for people across the country during the lockdown, by providing protective personal gear and hygiene products to such frontline warriors.

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.

In another development, Finance Minister Nirmala Sitharaman on Thursday announced a Rs 1.7 lakh crore relief package for those hit hardest by the coronavirus pandemic. COVID-19 has affected at least 753 people and claimed 20 lives, according to the Ministry of Health. 

The relief package announced to help the “poorest of the poor” affected by the lockdown caused due to the novel coronavirus, and includes separate relief for poor women. 

(Disclaimer: Additional background information has been added to this PTI copy for context)

(Edited by Kanishk Singh)