By IANS,
Bangalore: In a major philanthropic act, G.M Rao, chairman of Bangalore-based infrastructure major GMR Group, Tuesday said he will create an endowment fund worth $340 million (Rs.1,540 crore) for charitable activities.
The announcement here added that the fund would be directed towards the company’s corporate social responsibility arm, GMR Varalakshmi Foundation, for carrying out the charitable work.
“From my initial years in business, I have always believed that we have a responsibility to give back to the society in which we thrive and we owe our success to,” Rao said.
He hoped the foundation will continue to focus on spreading education and vocational training to provide sustainable livelihood to the needy section of the society.
According to a company statement, the size of the endowment fund is equivalent to the entire portion of Rao’s personal share of the business.
The not-for-profit foundation is an integral part of the GMR Group, and is a professionally run organization with a presence in 22 locations in India and abroad, the statement said.