In a bid to provide financial support to Udbhav School in Rasoolpura of Secunderabad to the tune of Rs 4.55 crore, Coromandel International has entered into memorandum of understanding (MoU) with IIM Ahmedabad Alumni Association Hyderabad Chapter Charitable Trust (IIMAAA).
In this regard, both the entities Coromandel and IIMAAA will create common trust and will contribute Rs 3.5 crore each to its corpus. This apart, the Murugappa group company would give Rs 35 lakh a year for a period of three years for sustenance of day-to-day operations of the school.
The annual expenditure of the school, which is currently managed by IIMAAA, has been expected to be around Rs 70 lakh. It has over 600 students whose parents income per month do not exceed Rs 3,500.
Coromandel International is the country’s second-largest phosphatic fertilizer player. Its crop protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. The firm has also ventured into the retail business, setting up more than 640 rural retail centres in Andhra Pradesh and Karnataka.
Company Name | CMP |
---|---|
Coromandel Interntl. | 1250.30 |
National Fertilizers | 102.20 |
Chambal Fert & Chem | 399.70 |
RCF | 147.15 |
Paradeep Phosphates | 70.10 |
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