Wednesday, March 4, 2015

Vaibhav Global funds 3.8 lac meals for underprivileged students in Jaipur

MUMBAI, March 4, 2015: Mid-day meal programme gets a boost in Jaipur as Vaibhav Global Ltd, a global e-commerce retailer of fashion and lifestyle accessories, partners  with Akshaya Patra, an NGO that strives to fight issues like hunger and malnutrition in India. They have initiated a programme for providing quality meals to underprivileged students across schools in Jaipur. This programme spans across 141 schools in Jaipur with 10 vehicles providing logistics support for the entire operation. The Company is covering 14,696 Student in a day which translates around 3.8 Lac lunches in a month for the students.

Commenting on the success of this activity, Vaibhav Global Limited’s Chairman and Managing Director, Sunil Agrawal said, At Vaibhav global limited, we are not only committed towards a business model that creates an economic value but also contribute towards the society and lead the path towards a sustainable development.”

The CSR model is based on a simple business scope that for each product (i.e one piece of jewellery), sold in the company’s UK based home shopping television channel (known as TJC), 2 meals will be provided in India. Therefore, the development process has a fair share on every chunk of revenue Vaibhav Global generates, instead of setting aside a certain percentage to the cause from the overall profit base.

Looking it as an opportunity for corporate to invest their CSR funds for upgrading the quality of the meal and feel motivated while serving the children, Madhu Pandit Dasa, Chairman of Akshaya Patra, said, “We encourage companies and individuals with philanthropic values to collaborate with us, so that together we can fight dual issues of hunger and illiteracy among children in India.”

Although this activity was initially set up to continue for three months, it has been extended for the whole year to run and with the overwhelming response from all the nooks and corners of the city. The company is confident enough to launch this programme in a larger scale and in a larger span of territory in coming years.

About Vaibhav Global Limited

Incorporated in JaipurIndia in 1989, Vaibhav Global Limited (VGL) is an electronic retailer of discount fashion jewelry and lifestyle accessories in the USCanadaUK and Republic of Ireland.VGL is listed in India with a current turnover of Rs 1298 Cr (FY’14) and EBITDA of around Rs 160 Cr. The market cap of the company is around Rs 2500 Cr. It employs around 3000 employees in various geographies along with a fully dedicated manufacturing facility in Jaipur.

VGL has access to over 100 million households in these countries through its own TV Shopping networks - Liquidation Channel in USA and Canada, The Jewellery Channel in UK and Republic ofIreland. Its TV shopping channels reach customers directly 24x7 on all the major cable, satellite and DTH platforms – Dish TV, DirecTV, Comcast, Verizon Fios, Time Warner, AT&T, Sky, Virgin, Freeview, and Freesat etc. Its e-commerce websites in the US andUK complement the company’s TV coverage, while diversifying customer engagement. In addition to electronic Retailing, VGL Group engages in traditional B2B wholesale distribution through STS Jewels, serving various retail chains in USA and UK.

About Akshaya Patra Foundation

The Akshaya Patra Foundation is a not-for-profit organisation headquartered in BangaloreIndia. The organisation strives to fight issues like hunger and malnutrition in India. By implementing the Mid-Day Meal Scheme in the Government schools and Government aided schools, Akshaya Patra aims not only to fight hunger but also to bring children to school. The foundation has grown from humble beginnings in the year 2000, serving just 1500 children across 5 schools. Today Akshaya Patra is the world’s largest (not-for-profit run) mid-day meal programme serving wholesome food to over 1.4 million children from 10,661 schools across 10 states in India.

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