Faze Three Limited is a global leader in home and technical textiles and has issued a Business Responsibility and Sustainability Report for the financial year 2023-24. The reports portray the company’s commitment to responsible business conduct and sustainable behavior. It brings to light the seriousness of Faze Three towards the interests of environmental protection, social responsibility, and governance transparency—a reflection of the pursuit to grow sustainability.
Body: Faze Three Limited, founded in 1985, has been one of the most prominent textile manufacturing companies. It exports its products to more than 26 countries, and international markets account for a globally significant 90% of its sales revenue. It manufactures various product lines, such as bathmats, luxury rugs, outdoor/indoor rugs, and bed products, among others, in seven Indian manufacturing plants using sustainable business techniques.
The company boasts of its environmental projects, especially those related to renewable energy sources. Faze Three has commissioned a 2.1 MW rooftop solar power plant at its Silvassa location; that translates to up to 35 percent of the energy consumed there would be sourced from renewable energy sources, making it a long step towards carbon footprint reduction. The warehouses run entirely on electric forklifts and trucks, hence efficiency in energy usage.
More and more, the wholesome water management that the company is practicing is further illustrated in this report. Faze Three has been able to incorporate water recycling systems, rainwater harvesting, and effluent treatment plants that would help avoid excessive utilization of water. The production process of textiles relies so much on water as a major factor.
The social responsibility section of the report has discussed the well-being of the employees and workers of the company, which is more than 3,000. Ensuring proper safety at the workplace, health insurance, and training about occupational health and safety are guaranteed by the company. Faze Three has taken a step towards gender diversity and equal opportunities while women make up only 7% of the workforce.
Faze Three has, in some notable points, scored in the arena of corporate governance. The company walks the nine principles put under the National Guidelines on Responsible Business Conduct (NGRBC). It has in place a Stakeholder Relationship Committee that handles complaints from employees, investors, and other stakeholders on a dedicated basis. Faze Three also covers its whistleblower policy under the company’s mode of dispensing operations around issues of transparency and integrity.
Related to supply chain management, Faze Three ensures that suppliers comply with sustainable practices and avoid any form of forced or child labor. The company collaborates with its value chain partners on issues of environmental and social concern.
Conclusion: Faze Three Limited’s 2024 BRSR demonstrates the group’s commitment to sustainability and responsible business operations. The company is being quite productive in the reduction of energy consumption, proper management of water resources, and social welfare. This means they are setting up a high standard for the textile industry, especially with a proper focus on ethical governance and responsible environmental factors.
Source: BRSR
Credit: Faze Three Limited