GMR Group Chairman, GM Rao to create Rs 1540 crore endowment for charity

The GMR Varalakshmi Foundation is an integral part of the GMR Group, and is present in 22 locations, India and abroad.

By Agencies | Updated: Mar 22, 2011, 07.33 PM IST

NEW DELHI: GMR Group Chairman, GM Rao has pledged to create an endowment worth $340 million (Rs 1540 crore), in favour of the GMR Varalakshmi Foundation, for charitable activities to serve the needs of the under-served sections of society.

Speaking on the occasion, Rao said, "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."

This endowment is equivalent to the entire portion of G M Rao's personal share of the entire business.

The GMR Varalakshmi Foundation (a Section 25 not-for-profit Company), is an integral part of the GMR Group, and is present in 22 locations, India and abroad.

Rao hoped that the foundation will continue with its focus on spreading education and vocational training to provide sustainable livelihood to the people. He hopes that the Foundation would continue to channelize youth towards entrepreneurship; to take up participatory, holistic development initiatives and to strengthen communities and their institutions.

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