Press Release (21 November, 2016)
India sets a platform for large corporations to create their own social businesses
Nobel Laureate Professor Muhammad Yunus with the CEOs of Tata companies after an exclusive meeting convened to meet him to discuss how the Tata companies including Water, Power, Steel, among others can get involved in creating social businesses through each company.
Yunus Social Business, India, Indian wing of Nobel Peace Laureate Muhammad Yunus’ global social business promotion organization, and Tata Trusts jointly launched an initiative named as "Indian Corporate Action Tank", (ICAT), in Mumbai on November 18, 2016, an initiative to create corporate social businesses – addressing important social issues like nutrition, healthcare, sanitation, housing and other issues and driving innovation for the poor. The ICAT will be India’s first platform for large corporations to create in-house corporate social businesses that leverage their core business skills to address social problems in a financially sustainable way. The ICAT will build on the practitioner led experiences, knowledge and on-ground presence of its iconic founding organizations.
The companies that have so far publicly announced to have joined the Indian Corporate Action Tank are Tata Trust, Tata Steel, RPG Group, Danone India. Another ten companies have signed up and waiting to complete their organizational procedures before they can announce their participation in this collective initiative.