Multinational consumer goods corporation Procter & Gamble India, on Thursday, announced the launch of INR 200 Cr ($27.9 Mn) Environmental Sustainability Fund. With this, the company is looking to collaborate with external partners on environmentally sustainable solutions.
In a media statement, P&G said that the fund is in line with its global sustainability goals ‘Ambition 2030’ aimed at creating a positive impact on the environment and society. It is looking to enable businesses that are offering cutting-edge environmentally sustainable solutions in line with its strategy.
The fund comes in addition to the Innovation Sourcing fund set up last year by the company. Through this, the company said it has already invested INR 200 Cr in collaborating with organisations offering innovative solutions like agile supply chain solutions, raw material innovations, superior brand and marketing solutions for consumers, innovation on the packaging, productivity ideas, etc.
It said that the innovation sourcing fund received over 1000 applications from startups, small businesses, university incubation centers and large organizations. P&G will continue to invest in innovative solutions via this fund in line with the business strategy.
Madhusudan Gopalan, MD and CEO, P&G Indian Subcontinent, said, “Environmental sustainability is a key pillar of our citizenship efforts, and embedded in our business strategy. We know that solving the biggest challenges requires collaboration that enables people, planet and businesses to thrive.”
With this, P&G also launched the second edition of ‘P&G vGROW External Business Partner Summit.’ vGROW is a platform to identify and collaborate with businesses and individuals offering industry-leading solutions. The summit is focused on identifying and implementing step-changing environmentally sustainable solutions like packaging innovations, renewable sources of energy and reducing carbon footprint.
P&G India was established in 1964 and currently operates under three entities in India – Procter & Gamble Hygiene and Health Care Limited, Gillette India Limited and Procter & Gamble Home Products.
The company also claims to be present in India through its five plants and over nine contract manufacturing sites and is now serving 650 Mn consumers in the country.
Cleantech ecosystem in India has become the need of the hour as India addresses its efforts to conserve renewable energy in the face of increasing pollution and exhausted non-renewable energy sources.
P&G joins the club of companies such as ITC, Goenka Group, Marico, etc which are leveraging the unique solutions by startups.