MUMBAI: Lodha Group promoter Abhishek Lodha and family will be transferring a ‘significant part of their shareholding’ in the listed company, Macrotech Developers Ltd. (Lodha / MDL), to Lodha Philanthropy Foundation (LPF) this Diwali, said the Mumbai-based realtor on Monday. LPF will have an initial corpus of Rs 20,000 crores (USD 2.5 billion).
The company said that LPF is a non-profit organization that uses all its income and assets solely for national and social upliftment causes.
Abhishek Lodha, MD & CEO of Lodha Group said that LPF will now own 1/5th of one of India’s largest real estate companies, Macrotech Developers. Lodha informed that LPF has 4 key focus areas – women, children, environment, and Indian culture.
LPF’s current initiatives include Lodha Unnati which is focused on increasing female participation in India’s workforce. The program works with a large number of corporates to make conditions conducive for female employees.
Institute of Applied Mathematics (IAM) is another initiative that is modeled after the Fields Institute in Toronto (Canada). Then there is the Lodha Genius Programme that focuses on helping the brightest children from across India, irrespective of income background, achieve their fullest potential by fulfilling their key requirements – including financial, mentoring, infrastructure, as well as advanced learning.
There is also the Justice Gumanmal Lodha Scholars Program that supports meritorious Indian students studying at the top global institutions for their undergraduate and post-graduate programs. The program offers scholarships of up to USD 100,000 per year to a qualifying scholar covering tuition as well as incidental expenses.