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L&T Finance Ltd. launches Jalvaibhav 2.0 in Kolar, Karnataka
- The second phase of the Jalvaibhav project known as Jalvaibhav 2.0, addresses water scarcity and soil conservation
- Jalvaibhav 2.0 will be implemented in 12 villages benefitting more than 5,000 farmers
Kolar, Karnataka, October 28, 2024: L&T Finance Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in the country, announces the launch of its Corporate Social Responsibility (CSR) project, 'Jalvaibhav 2.0', in the Mulbagal Taluk of Kolar district, Karnataka. The initiative focuses on integrated water resource management to create additional water harvesting capacity, benefiting over 5,000 farmers across 12 villages.
The Jalvaibhav 2.0 project addresses water scarcity and soil health improvement through various initiatives, such as replenishing existing and new water resources, promoting climate-smart agri, and allied interventions. These efforts will directly impact farmers' income levels while spreading awareness and training on sustainable practices.
Speaking at the launch, Ms. Apurva Rathod, Company Secretary & Chief Sustainability Officer at LTF, said, "At LTF, we aim to empower marginalised farmers in rural communities by fostering sustainable livelihoods and enhancing the ecosystem. Our Jalvaibhav project, started in 2015-16, has been designed to tackle water scarcity and the adverse effects of climate change in Marathwada, and surrounding areas. The initiative aimed to increase water availability and soil moisture while promoting sustainable practices through education and training. As we enter the second phase of this initiative with the launch of Jalvaibhav 2.0, we are taking a pivotal step towards ensuring a water-secure and climate-resilient future. By collaborating closely with the local community, we have implemented this project to create a lasting impact, safeguarding the welfare of our farmers and contributing to the overall growth and development of the region."
Mulbagal Taluk, located in the Kolar district, has a semi-arid climate with hot summers and scant rainfall, characterised by an average annual rainfall of 760 mm over 50 days. The region's over- reliance on groundwater has led to severe agricultural challenges, including poor soil quality, erratic monsoon patterns, and frequent dry spells. This has resulted in rapid depletion of groundwater levels, aggravating the existing agricultural issues and highlighting the need to address the three critical components of drought-proofing: ensuring water availability, optimising water use, and securing water entitlements.
In 2015-16, L&T Finance implemented the Jalvaibhav project in rural Maharashtra's Marathwada region. The project covered 122 villages and benefitted 60,000 farmers, across Osmanabad, Latur, Solapur, Aurangabad, Jalna, and Buldhana districts.
Apart from the Project Prakruti initiative, LTF has been involved in several CSR initiatives in the areas of digital and financial inclusion, disaster management, climate impact management, social inclusion amongst others. In FY24, the Digital Sakhi project in Karnataka, Kerala, Bihar, Uttar Pradesh, Tamil Nadu, and West Bengal equipped 7,500 women entrepreneurs with essential entrepreneurship and development skills, along with hand-holding support for establishing micro enterprises. Additionally, immediate relief support was provided to 69,400 beneficiaries affected by floods in Punjab, Haryana, Odisha, and Tamil Nadu. Medical facilities were extended to 2,000 train accident victims in Balasore, Odisha, LTF's partnership with Mumbai police enhanced road
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safety and traffic management. Additionally, Road Safety campaign for 2-wheelers is being implemented in Delhi NCR.
About L&T Finance Ltd. (LTF):
L&T Finance Ltd. (LTF) (https://www.ltfs.com), formerly known as L&T Finance Holdings Ltd., (LTFH) is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated 'AAA' - the highest credit rating for NBFCs - by four leading rating agencies. It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project - "Digital Sakhi"- which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the 'right businesses' has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company's strategic roadmap - Lakshya 2026. The Company has around 2.5 Crore customer database, which is being leveraged to cross- sell, up-sell, and identify new customers.
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