Companies which have public investors are mandated by law to perform CSR. The companies Biocon and Syngene have come together to form an entity named Biocon Foundation, which aims to provide sustainable solutions to address the myriad developmental challenges in India. It is focused on four key thematic areas of intervention; healthcare, education, environmental sustainability and rural development
The entity is giving Rs 65 crore to the state-run Bangalore Metro Rail Corporation Ltd (BMRCL) for constructing the Hebbagodi metro station in the city's southern suburb as part of its corporate social responsibility, the firm said on Thursday.
"In recognition of the Foundation's contribution to society, BMRCL will name the proposed facility as Biocon Hebbagodi Metro station with the consent of the Karnataka government," said a statement released.
Biocon chairperson and its Foundation's managing trustee
Kiran Mazumdar-Shaw and BMRCL managing director Ajay Seth signed an agreement
for the contribution.
The new Metro station will be part of the Metro's third phase of expansion, covering 128 km across the bustling city.
"We are fulfilling our CSR towards environment sustainability by providing an alternate means of mobility for the citizens of Bengaluru. The metro project will help in easing traffic congestion with greater use of public transport," Shaw said on the occasion.
"We value Biocon Foundation's support for sustainable urban development and transport. We are committed to add 128 km of Metro network in the next five years," Seth said in the statement.