Lodha Group’s Abhishek Lodha to transfer ₹20,000 cr. shares in MDL to philanthropy foundation
The Hindu
Lodha Group transfers $2.5 billion stake to Lodha Philanthropy Foundation, focusing on social uplift causes in India.
Similar to the founding fathers of the Tata Group, Mumbai-based real estate developers Lodha Group’s promoter and significant shareholder Abhishek Lodha and family, have decided to transfer a significant part of their shareholding estimated at ₹20,000 crore ($2.5 billion) in their listed company, Macrotech Developers Ltd. (Lodha/MDL), to Lodha Philanthropy Foundation (LPF).
As per the announcement LPL will own 1/5th of the shares of Macrotech Developers Ltd.
LPF is a non-profit organisation that uses all its income and assets solely for national and social uplift causes. “LPF will have an initial corpus of ₹20,000 crore (US$2.5 billion),” the Lodha Group said in a statement.
Abhishek Lodha, MD & CEO, 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.
“With the blessings of my parents, Mangal Prabhat Lodha and Manju Lodha, and the support of my wife, Vinti Lodha, and our children, LPF will now own 1/5th of one of India’s largest real estate companies, Macrotech Developers Ltd. (Lodha / MDL),” he said.
“As Lodha grows further in the years to come, LPF will have ever-increasing resources to fulfil our commitment of ‘Do Good, Do Well’,” he added.
LPF has 4 key focus areas include women, children, environment, and Indian culture.
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