P&G to support Indian women entrepreneurs with $30 million business in 3 years
Procter & Gamble (P&G), the world's largest consumer products maker by market value, will source goods worth Rs 191 crore ($30 million) from women-owned businesses to support women entrepreneurs from India.
The company will collaborate with WEConnect India, a non-profit organisation that will train the women entrepreneurs and acts as a link between the women owned business and P&G.
The investment in Indian women entrepreneurs will be part of the company’s initiative to support gender equality, in line with the United Nation's sustainable development goals.
"By committing a percentage of our spending to women-owned businesses, we are not only doing the right thing for the company, but we are also being socially responsible. The impact of our spending with women-owned businesses helps to stimulate economic growth in communities who are often overlooked, which in turn promotes job creation and further opportunities," P&G India sub-continent managing director and chief executive officer Al Rajwani said in a statement.
Recently, P&G has taken up various similar projects across the globe to support gender equality with active operations in Indian Subcontinent, Middle East and Africa region, which are also key markets for the firm.
P&G previously reported a 68 percent drop in quarterly profit, due to the sale of its beauty brands to Coty Inc and a charge related to the recent U.S. tax overhaul. Net income also fell to $2.50 billion (1.79 billion pounds).
The India business in the last fiscal had reported yearly sales of Rs 9,097 crore rupees (approx $ 1367 million dollars).
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