Rico Auto Industries Limited said it has released its Business Responsibility and Sustainability Report for FY 2023-24, reflecting the company’s commitments towards sustainability and corporate responsibility. Being one of the key players in the sector, Rico said it is committed to its bit in the area of environmentally responsible manufacturing, reducing carbon footprint, and improving social impact by following inclusive business practices.
Focus on Sustainable Manufacturing Through BRSR, Rico Auto drives home the point of sustainability by integrating environmental management systems at each operational level. With various plants spread over the Indian subcontinent and two international offices, it manufactures a range of precision-machined aluminum and ferrous components for well-known global brands of automotive brands. Its clients include BMW, Hero, Maruti, and Toyota, among others. Here, with over 95% of input materials recycled, Rico shows its contribution to a circular economy in manufacturing.
Energy consumption is now one of the major focuses of Rico, while the report underlines continuous efforts in place to reduce GHG emissions. The company is very proactive in the process of tracking and mitigating Scope 1 and Scope 2 emissions, while work on developing a roadmap will be undertaken with the intention to assess Scope 3 emissions shortly. It has also installed a ZLD mechanism for recycling wastewater in almost all its plants to further underline its commitment to resource conservation along with minimizing emissions.
Employee Well-being and Social Responsibility Rico Auto’s BRSR also provides insight into its employee welfare initiatives. It covers 100% insurance in its workforce for the health and accidents of all permanent workers. The company pays additional attention to training programs, skill development, and health and safety measures. Strong grievance redressal mechanisms are in place for employees to raise concerns regarding work conditions and other workplace-related issues.
On the diversity aspect, though the women’s representation is low, Rico is committed to inclusion and has some policies for maternity benefits as well as daycare facilities for women employees.
The report also underlines the corporate social responsibility (CSR) activities of the company in the direction of community integration and the support of vulnerable groups. Skill development programs by Rico, with the motive of increasing employability in less privileged sections of society, have been a very active area of concern for the company. It also supports education and healthcare initiatives across its operating regions.
Governance and Forward Strategy: Governance in Rico Auto is all about transparency and accountability. The company ensures that the best environmental and social practices are kept by the board through the best governance policies. Given this, the BRSR explains various initiatives undertaken for engagement through different stakeholders, including the grievance redressal mechanism for customers, employees, and value chain partners.
In the future, more engagements of sustainability initiatives at Rico Auto Industries will fall in line with expanding its renewable energy usage and further circular economy model. The company also focuses on strengthening its supply chain with sustainable sourcing materials and continues to undertake a journey of reduction in overall environmental impact.
Through the integration of sustainability into the core of the business, Rico Auto aims to balance growth with responsible corporate citizenship.
Source: BRSR
Credit: Rico Auto Industries Limited