Nahar Spinning Mills Limited (NSML), one of the leading textile manufacturers in the country, has hosted the Business Responsibility and Sustainability Report (BRSR) for the financial year 2023-24 on its website. The report forms part of NSML’s annual transparency exercise and brings out its commitment towards ESG (Environmental, Social, and Governance) imperatives and good practices. The report this year has focused mainly on sustainable practices, employee well-being, and sound corporate governance to align with the national and global benchmarks.
The theme of the report Below are some of the key initiatives elaborated on in the BRSR taken by NSML in reducing environmental impact and increasing social responsibility. At the core of these efforts is a significant investment in renewable energy. NSML has installed an 11.66 MW roof-top solar plant across its spinning units as a measure to reduce its dependence on non-renewable sources of energy. This is part of the company’s larger strategy toward achieving carbon neutrality by 2030. Besides, the company has installed modern machines with energy-efficient motors to reduce energy consumption.
Appropriate measures for environmental sustainability have also been taken by NSML in the cases of water management and reduction of waste. The company has equipped all its units with the facilities for rainwater harvesting and an upgrade of the waste-recycling process. These systems in its units conserve water and prevent degradation of the environment. NSML has further committed itself to sustainable practices in the choice of fibers like organic cotton and recycled polyester. Now this amounts to over 50% of the entire consumption of fibers.
The paper also states the practices of NSML toward employee well-being. The company ensures protection for its permanent employees and workers through extensive health and accident insurance. Here, the company follows numerous health management systems and a policy of safety, mostly through regular training sessions on health and safety practices. It is also seen that the company has conducted training programs including fire safety, chemical handling, ergonomics, etc., which provides their employees with plenty of safety while executing their work.
Corporate governance is another issue that is at the core of BRSR. This NSML has set a very strong governance framework around a Code of Conduct, a whistle-blowing policy, and several grievance mechanisms to ensure clear, transparent, and ethical conduct in the conduct of all business operations. The Board of Directors of the firm, consisting of a mix of different valued members, hence, oversees all ESG-related initiatives in making sure operations of NSML are conducted on a global best practices pedestal.
Besides these environmental and social initiatives, NSML’s BRSR also encompasses community engagement and corporate social responsibility. The company has taken an initiative by way of the implementation of various CSR projects in the improvement of education, health, and livelihoods so that sustainable development can be undertaken in the communities within which it operates. Such initiatives are aimed at benefiting the disadvantaged and marginalized sections, which thus underlines NSML’s commitment to inclusive growth. The 2023-24 BRSR of Nahar Spinning Mills Limited reflects the company’s ethos of working toward sustainability and good corporate practices. It puts NSML forth as a leader in the expectation of sustainability in energy and raw material sourcing. It induced protection of the interests of employees and rare ethical governance systems. Therefore, these benchmarks set by the company in the evolving nature of its sustainability initiatives further reaffirm a commitment to derive sustainable value over the long term for all stakeholders.
Source: BRSR
Credit: Nahar Spinning Mills Limited