The owners and promoters of Lodha Group, Abhishek Lodha and family, have pledged to transfer stake worth around ₹20,000 crore in their listed entity Macrotech Developers to the company’s philanthropic initiative Lodha Philanthropy Foundation (LPF), a non-profit organisation that uses all its income and assets solely for national and social causes.
Commenting on the family’s decision to allocate a significant portion of their wealth to national and social causes, Abhishek Lodha, MD and 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.”
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“We have been scaling up the activities of the Foundation in the past few years and believe that we now have the right programs, leadership, and team, to enable the Foundation to make a meaningful difference to the Hon’ble Prime Minister vision of India becoming a developed nation by 2047. The Lodha Philanthropy Foundation represents the dreams of all 1.5 billion Indians and from today onwards, all of India will be a partner in, and benefit from, the growth and success of Lodha Group and Macrotech Developers. In the spirit of jan bhaagidari, this is our humble contribution to nation building,” he said.
Focus areas
The Lodha Philanthropy Foundation has four key focus areas – women, children, environment, and Indian culture.
Started in 2013, LFP runs various programmes, mostly in the social sector, including ‘Lodha Unnati’, which focuses on increasing female participation in India’s workforce by working with corporates in India.
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Other initiatives include the Institute of Applied Mathematics (IAM) modelled after the Fields Institute in Toronto (Canada). It is focussed on encouraging top mathematical minds – of Indian as well as non-Indian origin – to do high-quality research and enable India to become a leading force in mathematical research; Lodha Genius Programme focuses on helping the brightest children from across India, irrespective of income background.
The Justice Gumanmal Lodha Scholars Program inspired by the legacy of Late Chief Justice Guman Mal Lodha who rose to prominence in judiciary and politics from extremely humble beginning; Lodha-RMI Net Zero Accelerator seeks to transition the built environment (buildings and infrastructure) in India to become net zero on carbon (and other GHG) emissions at the earliest.
Other initiatives include Chandresh Lodha Memorial Schools provides high-quality education to almost 10,000 students with a special focus on character development; Sitaben Shah Temples Foundation has opened numerous temples and supports initiatives to improve knowledge of our heritage in the younger generation, the company said in a statement.
Macrotech Developers, which goes by the name Lodha Developers, has delivered around 100 mn sq ft of real estate and is developing more than 110 mn sq ft under its ongoing and planned portfolio.
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