MUMBAI: GM Rao, chairman of infrastructure group GMR group, on Tuesday said he has committed Rs 1,540 crore ($340 million) towards the corporate social responsibility (CSR) arm GMR Varalakshmi Foundation.
Rao’s announcement came on the day when Warren Buffett (third richest person in the world) and Microsoft co-founder Bill Gates (second richest person) are on a week-long trip to India, primarily to encourage the rich to give away a portion of their wealth to charity.
This endowment is equivalent to the entire portion of GM Rao’s personal share of the entire business, the company said in a statement. The GMR Varalakshmi Foundation is the CSR arm of the GMR Group and has presence in 22 locations in India and abroad.
On the occasion, Rao said he hoped the foundation would continue with its focus on spreading education and vocational training to provide sustainable livelihood to the people, especially the youth. GMR group is a Bangalore-headquartered infrastructure company with interests in airports, energy, highways and urban infrastructure.
“From initial years in business, I have always believed that we have a responsibility to give back to society in which we thrive and owe our success to,” Rao said on the occasion.
“It has been a long journey and a most satisfying one to see one’s vision of building an institution in perpetuity coming to fruition,” he said on the margins of signing the legal documents pertaining to the family constitution.
Terming the charitable decision even more satisfying than winning the bid for the New Delhi international airport T-3 project, Rao said he would like to thank all those who had made it possible. “I deem it as god’s greatness who has given my family and me this opportunity to give back to society,” Rao said.
(The Indian Express)