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ITC Wins 2012 World Business and Development Award at Rio+20 Summit

Company Recognized for its Transformational Rural Initiatives in India

 
PRLog - Jun. 26, 2012 - Rio de Janeiro, Brazil, June 26, 2012: ITC Limited, an India-based multi-business corporation, recently received the 2012 World Business and Development Award at the Rio+20 United Nations Summit held in Rio de Janeiro on June 20-22. The award recognized ITC for its transformational rural initiatives in social and farm forestry programs in India.

ITC is the only Indian company and one of five global companies to win this award, which has been instituted by the United Nations Development Programme (UNDP), the International Chamber of Commerce and the International Business Leaders Forum (IBLF) in partnership with the Netherlands Ministry for Foreign Affairs, the Swedish International Development Cooperation Agency and the UN Global Compact.

Mr. Y C Deveshwar, Chairman of ITC who was present to receive the award, said, "I receive this award with humility and pride, on behalf of the hundreds of thousands of tribals and poor farmers whose lives have been transformed by ITC's Social and Farm Forestry initiative. It gives us tremendous encouragement to see that it has been appreciated at the global level. The award will help us in taking this initiative to newer heights."

Georg Kell, Executive Director, UN Global Compact said, "Congratulations to the winners of the World Business and Development Awards who have demonstrated that inclusive business models can generate tremendous positive impact on communities. The UN Global Compact fully supports sustainable, commercially viable business initiatives that expand access for low income people to goods and services and improve livelihoods while generating growth".

ITC's social and farm forestry programs provide sustainable livelihoods to rural wasteland owners by helping convert their wastelands into pulpwood plantations.
Currently, the programs cover over 308,881 acres of land and have generated over 56 million person-days of employment. Regenerating green cover on this scale has enabled carbon sequestration, making ITC carbon positive for seven years.

The international judging panel included the following experts:

- Sir Mark Moody-Stuart, Vice Chairman, UN Global Compact and Chairman of the Global Compact Foundation, the Innovative Vector Control Consortium and Hermes Equity Ownership Services

-  Jean-Guy Carrier, Secretary General, International Chamber of Commerce

- Lisa Dreier, Director of Food Security and Development Initiatives, World Economic Forum USA

- Jane Nelson, Director, Harvard Kennedy School's Corporate Social Responsibility Initiative and Non Resident Senior Fellow, Brookings Institution

- Ted London, Senior Research Fellow, William Davidson Institute (WDI) and faculty member of University of Michigan's Ross School of Business

- Graham Baxter, Senior Adviser, International Business Leaders Forum

- Susan Chaffin, Head of Business Call to Action Secretariat

-  Ying Chen, Director, Beijing Rongzhi Institute of Corporate Social Responsibility and Vice President, China     Enterprise Confederation (CEC)

- Sameer Hajee, Co-founder and CEO, Nuru Energy.

- Alan Detheridge- Associate Director of the Partnering Initiative and Board Member of the Synergos Institute, the International Foundation for Education and Self- Help, Management Sciences for Health and the Revenue Watch Institute chaired the judging panel.

About ITC: ITC Limited is an Indian public conglomerate company headquartered in Kolkata, West Bengal, India with revenue of $7 billion, and market capitalization of over $33 billion. For more information please visit http://www.itcportal.com

Media contact:
Swati Parashar
M: +91 9886366043
E: swati.parashar@itcinfotech.com

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