A fit-to-purpose sustainability strategy:
PwC engaged with the required stakeholders from RKFL to determine ESG priority areas, design a five-pillar sustainability strategy and review its nine corporate policies to align RKFL’s initiatives to meet its targeted commitments.
Charting a decarbonisation pathway:
PwC assessed RFKL’ s current carbon footprint to identify improvement areas and supported in the development of a four-pronged long-term roadmap encompassing transition to renewable energy, cleaner fuels, energy-efficient technologies and carbon offsets to become Net Zero by 2040. PwC also conducted a life cycle assessment for RKFL’s top product line.
Embedding resource efficiency measures towards circular operations:
PwC identified actions aimed at improved handling of the waste generated, embedding of the 9Rs of circularity, reducing dependency on water-stressed areas to help RKFL build as a sustainable brand.
Assisting in identifying fit-for-purpose green energy partners:
PwC provided ongoing support covering vendor selection and price negotiation to commission 7.82MW solar rooftop plant at RKFL’s facilities.
Integrating sustainability in its supply chain processes:
PwC formulated a supplier assessment framework and questionnaires encompassing ESG parameters to estimate ESG risks in the supply chain and assisted to identify opportunities to transition towards green steel.
Increasing transparency through communication, reporting and ratings:
PwC utilised existing process controls to support RKFL in preparing its two-year Business Reporting and Sustainability Report (BRSR).
Enabling an ESG-aware workforce:
PwC conducted workshops with RKFL’s core ESG leaders and stakeholders to align on a plan of action, integrate policy action and embed ESG awareness among RKFL’s employees.
Driving environmental, social and governance (ESG) strategy at Ramkrishna Forgings Limited (RKFL)
Team
- Partner: Sandeep Kumar Mohanty
- Director: Nisha Menezes
- Manager: Ankur Gautam, Mehul Tatia
- Team: Ankan Bhattacharya, Muskan Bagrodia, Ryan Sen
Client
Driving environmental, social and governance (ESG) strategy at Ramkrishna Forgings Limited (RKFL)
Industry
Auto-components and forgings manufacturer
Our role
Collaborating with RFKL to integrate and transform its sustainable practices
The situation
Our client, RKFL, is a manufacturer and supplier of forged, machined and fabricated products to diverse sectors. With increasing regulations and a shifting market focus on environmental responsibility across the automotive industry, RKFL recognised the need to revise its operations to improve sustainability in 2022.
In the beginning, RKFL sought to better understand how sustainability impacts its business success and how dependent it is on environmental, social and economic factors.
Subsequently, RKFL wanted to incorporate detailed processes to increase opportunities to combat climate change, improve water efficiency, promote circularity, enhance social responsibility and maintain transparency in reporting as required. With a view to improve RKFL’s ESG performance, PwC helped RKFL to identify and make critical changes in its existing processes.
The solution
Leveraging its experience and technological enablers, PwC provided support to RKFL across the following aspects:
Our commitment to sustainability goes beyond just meeting regulatory requirements; it’s about creating long-term value and resilience for our stakeholders. On this transformation journey with PwC, we have shifted gears from focusing on just reducing our environmental impact to driving innovation and efficiency, ultimately embedding sustainability as a cornerstone of our business strategy.
Lalit Khetan, Chief Financial Officer, RKFL
Sustainability has been an enabler for our business. Our commitment goes beyond just meeting regulatory requirements; we strive for creating long-term value and building resilience for our stakeholders. This strategic shift has built a culture of openness and responsibility within the company to ensure accountability, integrity and transparency in reporting.
Rajesh Mundhra, Company Secretary and VP Finance, RKFL
We are happy to support RKFL on its sustainability journey. With RKFL as one of our first clients in India, this project gave us an opportunity to create a tailored and comprehensive sustainability strategy from scratch and identify the best-fit management system for the client. This makes our partnership a commitment to drive meaningful change that creates sustained and shared value for all.
The impact
Supported in defining the sustainability narrative and alignment of policies and initiatives, which led to RKFL setting an industry-leading target to become net zero by 2040.
On-ground implementation support covering the decarbonisation roadmap and its levers which led to % increase in renewable energy consumption and .5% reduction in Scope 1 and 2 GHG emissions in FY 2023-2024 with respect to FY 2022- 2023.
On-ground assistance led to % manufacturing plants becoming Zero Liquid Discharge (ZLD) compliant in FY 2023-2024.
Facilitated capacity building on human rights principles, ethical conduct and ESG practices
Conducted ‘Train the trainer’ sessions on the RKFL’s code of conduct which led to % employees being trained in FY 2023-2024.
Framed/refreshed nine corporate policies including the likes of anti-bribery and corruption, diversity, equity and inclusion (DEI) policy, human rights policy, prevention of sexual harassment (POSH) policy, stakeholder engagement approach, etc.
Follow PwC India
