On March 12, 2024, Gallantt Ispat Limited published its annual Business Responsibility and Sustainability Report (BRSR). This all-in-one report will codify responsible business conduct and sustainability practices at the firm, along with social accountability. The BRSR will contain environmental management initiatives, the well-being of employees, and measures of good corporate governance set in the framework of national and international standards.
Gallantt Ispat Limited is one of the leading steel and power generation companies that have been moving on a sustainable enterprise path. The company is majorly concentrated on producing metal products and generating power mainly for captive consumption. Gallantt Ispat has two units in Gujarat and Uttar Pradesh catering to markets in five different Indian states. Their target markets would be real estate, construction, and administrative and other types of organizations. The company product portfolio in the years 2023-24 consisted of TMT bars for more than 80 percent of turnover.
The BRSR followed compliance on environmental aspects as a leading scope for Gallantt. Notably, the report highlights some major risks of non-compliance with environmental aspects, waste handling issues, and issues of water scarcity. It has taken necessary steps on the sites for water recycling, sustainable sourcing, and energy-efficient technologies as some measure of these risks. The greenhouse gas reduction through renewable sources of energy also serves to make the production line sustainable for the company.
Even in social responsibility, Gallantt Ispat communicates some of the initiatives taken in respect of the welfare of the workers. The company has around 4,500 workers, and there is a good emphasis on health and safety. All the employees and workers enjoy the benefit of health insurance, and there are strict safety measures to provide a safe workplace. Training in occupational safety forms an integral part of their strategy, as all employees and workers are taken through regular training sessions. Gallantt is also an equal opportunities employer; it embraces diversity and inclusion in its workforce.
This report is replete with other notable aspects, such as corporate governance and transparency. Gallantt adheres to the nine principles of the National Guidelines on Responsible Business Conduct (NGRBC) and hence practices responsible and transparent business conduct. There is a redressal of grievances mechanism established within the company to address a variety of complaints and concerns from employees, investors, and society. It also ensures an active engagement with local communities in carrying out CSR activities, which include health, education, and environmental sustainability.
Conclusion:
BRSR for 2023-24 for Gallantt Ispat Limited depicted the commitment of the company in balancing business growth with social and environmental concerns. In this direction, having relevant mitigation of key risks and healthy sustainable practices promoted along with an investment into the welfare of its employees, Gallantt is poised as the responsible leader in the steel business. The company’s proactive approach through corporate governance and stakeholder engagement further robustifies its commitment to long-term sustainable growth.
Source: BRSR
Credit: Gallantt Ispat Limited