MUMBAI: The owners of Lodha Group have announced they will be transferring a significant part of the shareholding in the listed company, Macrotech Developers, to Lodha Philanthropy Foundation with an initial corpus of Rs 20,000 crore (USD 2.5 billion).
Abhishek Lodha, MD & CEO of Lodha Group, said “About 100 years ago, the Tata family gave a major part of their shareholding in their enterprise to the Tata Trusts. The huge impact of this gift on India and the good work by the Tata Trusts has been a major inspiration for me. Lodha Philanthropy Foundation (LPF) will now own 1/5th of one of India’s largest real estate companies, Macrotech Developers Ltd. (Lodha / MDL). As Lodha grows further in the years to come, LPF will have ever-increasing resources to fulfil our commitment of ‘Do Good, Do Well’.
A Lodha Group press release said LPF is a non-profit organization that uses all its income and assets solely for “national and social upliftment causes’’. Some of the initiatives are increasing female participation in India’s workforce, encouraging mathematical research, supporting meritorious Indian students study at the top global institutions for their undergraduate and post-graduate programs.