Tata Steel’s ESG focus for a sustainable and responsible growth played a big role in securing this coveted recognition
Team News Riveting
New Delhi/Jamshedpur, July 18
Tata Steel has been named top performer in the Iron and Steel sector in Dun and Bradstreet’s India’s Top 500 Companies 2022.
The theme for the Top 500 Companies 2022 publication is ‘ESG: The only way for sustainable and responsible growth’. Dun & Bradstreet (D&B) has been tracking the success stories of the Top 500 companies for more than two decades through its premier publication, ‘India’s Top 500 Companies’.
Chanakya Chaudhary, Vice President, Corporate Services, Tata Steel, said: “We are honoured to be featured in Dun & Bradstreet’s ‘India’s Top 500 Companies’ 2022 and to share space with India’s best-performing companies not just in the Iron & Steel sector but across all industries. This year’s listing is also special considering the inclusion of ESG as one of the key parameters to make it to this list. As a responsible corporate citizen, we recognise our responsibilities towards people and the planet, and we continue to focus on strategic priorities to create long-term sustainable value for all our stakeholders. We would like to thank D&B and the jury of eminent business leaders who adjudicated the listing and also congratulate other companies who have made it to this privileged list.”
In line with its vision of being the steel industry benchmark in Value Creation and Corporate Citizenship, Tata Steel has set Environmental, Social & Governance (ESG) ambitions and priorities, which drive various initiatives across its value chain. The Company has integrated ESG principles in all aspect of its business. Tata Steel intends to identify key ESG risks in supply chain, collaborate with partners for risk mitigation, and integrate ESG performance of supply chain partners in procurement decision-making. The Company has also been constantly engaging with ESG rating agencies for improving its disclosure practices.
Dun & Bradstreet (NYSE: DNB), the world’s leading knowledge provider, has been tracking India’s economic progress over the past 20 years. India’s Top 500 companies are not only the frontrunners of the country’s corporate sector but are, in fact, the driving force of our economy. Over the past two decades, the contribution of these Top 500 companies to the country’s GDP has grown 12 times even as their aggregate revenue increased 16 times since 1997. The Market cap of India’s Top 500 companies has grown an impressive 29 times from 1997 to 2022 and currently accounts for nearly 91 per cent of the market cap of the Bombay Stock Exchange. Besides, these top 500 companies of India contribute to nearly 16 per cent of its GDP and account for around 46 per cent of the nation’s foreign exchange earnings and approximately 23 per cent of its tax revenues. They spent at least Rs 153.3 bn in FY20 on CSR and have been providing employment to nearly 6.7 Mn people across the country.
