P&G said that the fund is in line with its global sustainability goals ‘Ambition 2030’ aimed at creating a positive impact on the environment and society.
Madhusudan Gopalan, MD and CEO, P&G Indian Subcontinent, said, “Environmental sustainability is a key pillar of our citizenship efforts, and embedded in our business strategy. We know that solving the biggest challenges requires collaboration that enables people, planet and businesses to thrive.”
P&G India was established in 1964 and currently operates under three entities in India Procter & Gamble Hygiene and Health Care Limited, Gillette India Limited and Procter & Gamble Home Products.
The company also claims to be present in India through its five plants and over nine contract manufacturing sites and is now serving 650 Mn consumers in the country.
The company P&G further said that it has already invested INR 200 Cr in collaborating with organisations offering innovative solutions like agile supply chain solutions, raw material innovations, superior brand and marketing solutions for consumers, innovation on the packaging, productivity ideas, etc.
It said that the innovation sourcing fund received over 1000 applications from startups, small businesses, university incubation centers and large organizations.
P&G will continue to invest in innovative solutions via this fund in line with the business strategy, it added.
Furthermore, as per the environment experts, Cleantech ecosystem in India has become the need of the hour as India addresses its efforts to conserve renewable energy in the face of increasing pollution and exhausted non-renewable energy sources.