Contribution marks over Rs. 100 million of support for local charities and communities since 2018
Gurugram, Haryana, India – March 10, 2023 – Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company headquartered in the United States, today announced, through its operations in India, a commitment of an additional Rs. 17 million to support local charities and non-profit organizations making a direct impact in communities within the National Capital Region (NCR).
Since 2005, Encore Capital Group has had a presence in India through its subsidiary, Midland Credit Management (MCM), and over that time has provided support to numerous initiatives supporting local medical, environmental, disaster relief, and social projects. Charitable contributions by the company in India since 2018 total Rs. 104 million. In addition to contributions made directly by the company, almost half of MCM employees in India support community programs through a voluntary monthly payroll deduction.
This year’s planned contribution will continue to fund critical programs that Encore and MCM have supported for years, including ongoing environmental rehabilitation in the Aravalli wastelands through a partnership with IAmGurgaon and education for children through the Rainbow Foundation India.
“India plays a critical role for our global organization and we are committed to continuing our investment in programs that promote the environmental health of the country, as well as opportunities for educational mobility, especially for otherwise disadvantaged youth,” said Ashish Masih, President and CEO of Encore Capital Group, member of the U.S. Department of Commerce’s U.S.-India CEO Forum, and acting Co-Chair of the Forum’s Financial Services, Trade and Investment working group. “Fueled by our Mission, Vision and Values, our commitments to the NCR and India showcase our strong belief that it is only by first creating the right environments both outdoors and in our classrooms that future economic empowerment can truly be achieved by the people in the countries where we operate. Joined by thousands of their co-workers around the world, our nearly 2,300 colleagues in India are deeply proud of our ability to support local communities in the ways we are convinced will make the biggest long-term impact.”
Restoring Water and Biodiversity to the Aravalli Wastelands
Most of the Aravalli mountain range in Haryana, the state where MCM operates in India, has been classified as “non-productive wasteland” and has lost over 70% of its vegetation cover and 60% of its forests.
Currently, MCM is demonstrating its support of water projects in India by contributing to an organization that aims to rehabilitate and improve the water table in an area called Sikanderpur in Gurugram. This effort helps to create a green woodland to provide clean air for the local community simultaneously promoting reforestation and biodiversity while attempting to also address water scarcity issues. Through Encore and MCM’s partnership with IAmGurgaon, work is being undertaken to revive drying water bodies, clear out clogged natural water channels to ensure correct flow of water and percolation down to the water table, and plant and support more indigenous trees to improve soil quality.
“The restoration of the forest project by Encore and MCM is not only helping the city protect itself from flooding, but also adding to the biodiversity and recharging of the ground water. It’s not often that program sponsors take such interest in these projects, and the interactions have been very special and we’ve thoroughly enjoyed working with everyone,” said Latika Thukral, co-founder of IAmGurgaon.
Supporting Care and Education for Vulnerable Children
MCM is proud of its longstanding work with Rainbow Foundation India (RFI), an organization working to care for marginalized and disadvantaged children.
Through RFI’s three homes in the National Capital Region, contributions by MCM help support holistic care for dozens of children and formal school education for hundreds of others, all of whom come from underprivileged communities and are survivors of human trafficking, abandonment, or other tragic social situations.
“On behalf of Rainbow Foundation India, I want to extend my sincere gratitude to Encore and MCM for helping Rainbow Homes make a positive difference and accomplishing our mission toward shaping the lives of vulnerable children,” said Anuradha Konkepudi, Executive Director for Rainbow Foundation India. “Since 2017, Encore and MCM have not only been supporting the comprehensive well-being of disadvantaged children under our care in Delhi Rainbow Homes, but they’ve also helped extend the range of infrastructural development support for a safe and dignified shelter.”
About Encore Capital Group, Inc.
Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases or services portfolios of receivables from major banks, credit unions and utility providers.
Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Calif., Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com.
Harshita Varma Director
Corporate Communications Encore Capital Group