Kotak Mahindra Bank Partners IIT Madras to Launch “Kotak IITM Save Energy Mission”

Mumbai: Kotak Mahindra Bank Limited (“KMBL/ “Kotak”) and the Indian Institute of Technology-Madras (IITM) yesterday (19^th Sept 2022) announced their CSR partnership to launch Kotak IITM Save Energy Mission. The Hon’ble Minister of Education, Skill Development & Entrepreneurship, Shri Dharmendra Pradhan inaugurated the initiative.

Under Kotak’s CSR Project on Environment and Sustainable Development, KMBL is funding IITM to establish five centres across India to promote energy efficiency for the Micro, Small and Medium Enterprises (MSME) sector. IIT Madras (IITM) at the Chennai campus will be the hub of Kotak IITM Save Energy Mission, which in turn will engage with IIT Bombay (IITB), IIT Gandhinagar (IITG), IIT Indore (IITI), and IIT Ropar (IITR) to establish four satellite centres for carrying out energy efficiency and performance audits and encouraging adoption of various energy conservation measures in the Indian MSME sector. These audits will focus on identifying inefficiencies in energy utilisation, process operations and safety-related concerns. The hub at IITM will monitor and implement energy assessment activities across India.

The satellite centres will identify MSMEs that qualify for Industrial Energy Assessment services and carry out audits and share recommendations for saving energy with them. Further, Kotak IITM Save Energy Mission will provide assistance and training to MSMEs for periodic audits. Furthermore, an online platform will be developed to maintain the entire database on the energy audits conducted.

Prof. V. Kamakoti, Director, Indian Institute of Technology Madras, said, “We are excited to launch Kotak IITM Save Energy Mission, which will enable IITM faculty and students to work with the MSME sector and help them become energy efficient.”

Rohit Rao, Joint President & Group Chief CSR Officer, Kotak Mahindra Bank Limited said, “Kotak Mahindra Bank is committed to promoting energy conservation and Kotak IITM Save Energy Mission is a step in the direction to encourage SMEs and MSMEs to adopt environmentally sustainable technologies and processes. The SMEs and MSMEs need support and guidance to implement environmentally responsible measures in their units. Kotak’s CSR partnership with IITM is an endeavour to help SMEs and MSMEs reduce waste, save on audit costs and implement energy-saving measures.”

Kotak Karma is the Corporate Social Responsibility (CSR) identity of Kotak Mahindra Group.