Diwali Gift: Lodha Philanthropy Foundation Receives Rs 20,000 Crore Stake from Lodha Family
Pune, 28th October 2024: In a landmark decision, the Lodha family, promoters of one of India’s leading real estate companies, Macrotech Developers Ltd. (Lodha), have announced the transfer of a substantial portion of their shareholding to the Lodha Philanthropy Foundation (LPF) on the auspicious occasion of Diwali. This move is aimed at furthering national and social causes through various initiatives spearheaded by the foundation.
LPF, a non-profit organization, is set to receive an initial corpus of approximately Rs. 20,000 crore (USD 2.5 billion). Its mission focuses on addressing key issues such as women’s empowerment, child development, environmental sustainability, and the preservation of Indian cultural heritage.
Key Initiatives by Lodha Philanthropy Foundation:
1. Lodha Unnati: This initiative seeks to increase female participation in India’s workforce. Believing that women’s economic empowerment is essential for social progress, the program collaborates with numerous corporations to create conducive work environments for women while offering them skills training for balancing professional and personal responsibilities.
2. Institute of Applied Mathematics (IAM): Modeled after the Fields Institute in Canada, IAM aims to foster cutting-edge research in mathematics, positioning India as a leader in global mathematical research. The program encourages both Indian and international talents to contribute towards technological advancements that are vital for national security and economic success.
3. Lodha Genius Programme: Designed to help gifted children from diverse financial backgrounds achieve their fullest potential, this program offers scholarships, mentorship, infrastructure, and advanced learning opportunities. It identifies bright minds from middle school through their first job, fostering a sense of giving back to society and the nation.
4. Justice Gumanmal Lodha Scholars Program: Named after the late Chief Justice Guman Mal Lodha, this initiative supports meritorious Indian students to pursue undergraduate and postgraduate studies at the world’s top universities. The program, which offers scholarships of up to USD 100,000 per year, encourages recipients to return to India and contribute to the nation’s development.
5. Lodha-RMI Net Zero Accelerator: In partnership with the Rocky Mountain Institute (USA), this initiative aims to transition India’s built environment to net-zero carbon emissions. Lodha has already achieved net-zero status in Scope 1 and Scope 2 emissions and is working towards reducing Scope 3 emissions, setting global standards in sustainability.
6. Chandresh Lodha Memorial Schools: These schools provide high-quality education to around 10,000 students, focusing not just on academics but also character development. Nearly half of the students receive scholarships or pay nominal fees, ensuring access to education for all.
7. Sitaben Shah Temples: The foundation is dedicated to preserving India’s rich heritage by supporting temple building projects and initiatives that promote the study of Indian scriptures and traditions among younger generations.
Lodha’s Inspiration and Vision
Commenting on the decision to donate a large portion of their wealth to social causes, Abhishek Lodha, Managing Director and CEO of Lodha Group, said, “A century ago, the Tata family’s generous contribution to the Tata Trusts left a profound impact on India. Inspired by their legacy and with the blessings of my parents, Shri Mangal Prabhat Lodha and Smt. Manju Lodha, as well as the support of my wife, Vinti Lodha, and our children, the Lodha Philanthropy Foundation will now own approximately one-fifth of Macrotech Developers Ltd. (Lodha/MDL). This transfer allows LPF to grow alongside Lodha, enabling us to continue our commitment to doing good while doing well.”
He further added, “With four key focus areas—women, children, the environment, and Indian culture—we believe we have the right leadership and team in place to make a meaningful contribution to the Prime Minister’s vision of India as a developed nation by 2047. Through this initiative, every Indian will be a partner in, and a beneficiary of, Lodha’s growth.”
The Lodha family’s decision marks a significant moment in Indian philanthropy, aligning with the broader vision of nation-building and social upliftment.
