India is home to many billionaires who actively engage in philanthropy, including notable figures like Wipro’s Azim Premji and the late Ratan Tata. Following in the footsteps of the Tata family, real estate mogul Abhishek Lodha has pledged a remarkable Rs 20,000 crore for charitable initiatives.
Transfer of Shares to Lodha Philanthropy Foundation
Lodha and his family plan to transfer shares worth this amount from their holdings in Macrotech Developers, the publicly traded company he leads. As the Managing Director and CEO of Macrotech Developers Ltd. (MDL), Lodha oversees one of India’s top real estate firms, which operates under the Lodha brand. Currently, the company boasts a market capitalization exceeding Rs 1.10 lakh crore, with the Lodha family holding a significant 72.11% stake.
Details of the Philanthropic Pledge
On Monday, Abhishek Lodha announced the decision to allocate approximately 18-19% of the company’s shares to the Lodha Philanthropy Foundation (LPF), a non-profit organisation dedicated to national and social causes. “We will soon be transferring shares worth Rs 20,000 crore of MDL to the foundation,” Lodha stated, adding that an advisory board will be established in January to oversee the social initiatives.
LPF’s Focus Areas for the Fund
With this substantial investment, LPF will conduct various social programs, including those focused on education, women’s empowerment, and sustainable urbanisation, funded by the dividend income from these shares. The foundation will begin with an initial corpus of around Rs 20,000 crore (USD 2.5 billion).
Reflecting on the family’s decision, Lodha expressed admiration for the Tata family’s legacy: “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.”
Lodha Philanthropy Foundation Initiatives
Founded in 2013, LPF runs several programs primarily in the social sector, such as ‘Lodha Unnati,’ which aims to boost female participation in the workforce through collaboration with corporate partners in India. The foundation also supports the Institute of Applied Mathematics (IAM), promoting high-quality mathematical research and offering scholarships to outstanding Indian students for further studies at prestigious global institutions.
In its commitment to sustainability, LPF has partnered with Rocky Mountain Institute, USA (RMI), to achieve net-zero emissions in the real estate and infrastructure sectors.
Real Estate Achievements of Macrotech Developers
Macrotech Developers, formerly known as Lodha Developers, has completed around 100 million square feet of real estate projects and is currently developing more than 110 million square feet in its ongoing and planned portfolio.
