NEW DELHI, Oct 28:
Abhishek Lodha and family, promoters of Lodha Group, will transfer a significant part of their shareholding, totalling about Rs 20,000 crore, in listed company Macrotech Developers Ltd to Lodha Philanthropy Foundation.
Macrotech Developers is one of the leading real estate developers in the country. It sells properties under the Lodha brand.
Lodha Philanthropy Foundation (LPF) is a non-profit organisation that uses all its income and assets solely for national and social upliftment causes.
“LPF will have an initial corpus of around Rs 20,000 crore (USD 2.5 billion),” the company said in a statement.
Commenting on the family’s decision to allocate a significant portion of their wealth to national and social causes, Macrotech Developers MD and CEO Abhishek Lodha 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”.
With the blessings of my parents Mangal Prabhat Lodha and Manju Lodha, and the support of my wife Vinti Lodha, and our children, Lodha Philanthropy Foundation (LPF) will now own around 1/5th of one of India’s largest real estate companies, Macrotech Developers Ltd (Lodha/MDL). (PTI)
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