Procter & Gamble sets up Rs 200 crore ‘environmental sustainability fund’ in India
FMCG major Procter & Gamble (P&G) India has set up Rs 200 crore ($28 million) environmental sustainability fund in the country.
With the fund, P&G plans to collaborate with external partners, offering environment-friendly business solutions to tackle the environmental problems in India.
P&G will also host the second edition of ‘P&G Vgrow External Business Partner Summit' on November 28 and 29 to identify and implement transformational sustainable solutions from partners across India.
Commenting on the fund, Madhusudan Gopalan, CEO P&G India in a statement said: “Environmental sustainability is a key pillar of our citizenship efforts, and embedded in our business strategy. We are delighted to set-up the ‘Environmental Sustainability Fund’ to collaborate with external partners in India that are offering cutting-edge environmentally sustainable solutions in line with our strategy.
“India is a priority market for the company and continues to be at the forefront of innovation. Last year we announced the ‘Innovation Sourcing Fund’ through which we have already invested more than Rs 200 crore on implementing innovative solutions in collaboration with external partners from across India,” Madhusudan added.
P&G runs three business entities in India. Gillette India Ltd and Procter and Gamble Hygiene and Health Care Ltd are listed firms, while Procter and Gamble Home Products Pvt Ltd is a 100 percent subsidiary of the parent company.
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