Companies which have public investors are mandated by law toperform CSR. The companies Biocon and Syngene have come together to form anentity named Biocon Foundation, which aims to provide sustainable solutions toaddress the myriad developmental challenges in India. It is focused on four keythematic areas of intervention; healthcare, education, environmentalsustainability and rural development
The entity is giving Rs 65 crore to the state-run BangaloreMetro Rail Corporation Ltd (BMRCL) for constructing the Hebbagodi metro stationin the city's southern suburb as part of its corporate social responsibility,the firm said on Thursday.
"In recognition of the Foundation's contribution tosociety, BMRCL will name the proposed facility as Biocon Hebbagodi Metrostation with the consent of the Karnataka government," said a statementreleased.
Biocon chairperson and its Foundation's managing trusteeKiran Mazumdar-Shaw and BMRCL managing director Ajay Seth signed an agreementfor the contribution.
The new Metro station will be part of the Metro's thirdphase of expansion, covering 128 km across the bustling city.
"We are fulfilling our CSR towards environmentsustainability by providing an alternate means of mobility for the citizens ofBengaluru. The metro project will help in easing traffic congestion withgreater use of public transport," Shaw said on the occasion.
"We value Biocon Foundation's support for sustainableurban development and transport. We are committed to add 128 km of Metronetwork in the next five years," Seth said in the statement.