Tatva Chintan Pharma Chem Limited, one of the leading players in the specialty chemicals area, has announced the publication of its Business Responsibility and Sustainability Report (BRSR) for FY 2023–24. The report gives a depiction of how the company has weaved ESG into the fabric of its business functioning guidelines as a mandate for growth. The company is principally engaged in manufacturing specialty chemicals and continuously trying to pursue responsible business practices in its operations, maintaining standards in corporate governance, minimizing the environmental impact, ensuring employee welfare, as well as sustaining resources and environmental stewardship.
The efforts put by Tatva Chintan into being sustainable can be broadly classified into the following main areas:
Environmental Stewardship: A company that has made dedicated efforts to contribute to lowering its carbon footprints and ensuring responsible resource management. In FY 2023–24, Tatva Chintan achieved an impressive reduction in GHG emissions through fuel-switching initiatives and ways of improving energy efficiency at various stages of the operations. The company partially switched over from light diesel oil to natural gas, which has had the impact of reducing emissions. Besides, all wastewater is treated through the ETP and not let out in the open environment in unprocessed form at the Ankleshwar unit of the company with a zero-liquid discharge plant. It has a recycling system for the reuse of all its wastewater, and consequently, this demonstrates a water-saving culture within the corporation.
Welfare of Employees: The report has indicated the company’s commitment to the well-being of its employees. Tatva Chintan has implemented an occupational health and safety management system that is in strict compliance with the ISO 45001:2018 standards. All the employees are insured with health insurance and have periodic medical check-ups. Furthermore, through proper safety drills, health awareness camps, and training, the company creates a safe working environment. These initiatives ensure that all employees stay safe from accidents and have a healthy work-life balance.
Corporate Governance: High standards of corporate governance are maintained in Tatva Chintan, which entails transparency, accountability, and ethical conduct in all of its dealings. The company has a standard code of conduct for all its employees, without tolerance for corruption or bribery. The policy-level support is in the form of various other policies, such as those on the prevention of insider trading, corporate disclosure, and human rights. The company also has a structured mechanism of grievance redressal to look into all the concerns of the employees or others.
Community Outreach: Tatva Chintan involves the local communities under its corporate social responsibility for causes related to education, health, and sustainability of the environment. It partners with NGOs and other like-minded partners to extend projects that benefit the wider stakeholders, especially in the local areas where its manufacturing units are located. These initiatives are chalked out to foster positive relations and add to the socio-economic development of the communities.
Sustainable Supply Chain: Tatva Chintan follows ESG principles not only within the company but also expects its suppliers to practice the same. The company undertakes regular audits of its suppliers concerning management and compliance with environmental and social laws. About 58% of the raw materials are sourced in environmentally friendly manner, which indicates a good effort on the part of Tatva Chintan to create a responsible supply chain.
Conclusion
By putting the BRSR in place for 2023-24, Tatva Chintan Pharma Chem Limited maintains the stand of sustainable and responsible business. For Tatva Chintan, environmental stewardship is at the core, leading in areas of employee welfare, corporate governance, community engagement, and sustainable supply chain. The effort taken by the company through ESG risk management and opportunities denotes its commitment to long-term and sustainable growth.
Source: BRSR
Credit: Tatva Chintan Pharma Chem Limited