GMR's group chairman GM Rao has pledged to create an endowment worth USD 340 million in favour of the GMR Varalakshmi Foundation for charitable activities to serve the needs of the under-privileged sections of society. This endowment is equivalent to the entire portion of GM Rao's personal share of the entire business.
Billionaire investor Warren Buffett, who is on his maiden visit to India has urged wealthy Indians to sign up for the Giving Pledge campaign, a cause he is supporting with the world's second richest man Bill Gates. In an interview with CNBC-TV18, GMR's group CFO A Subba Rao shed light on GM Rao's pledge. Below is a verbatim transcript. Also watch the accompanying video.Q: Were you inspired by Warren Buffett and Bill Gates before you decided to take this decision? A: No it is not at all linked. Mr Rao started contributing for the social cause much before Mr Buffett visited India. Long back more than 10-15 years he has been contributing for the social cause. It is absolutely unconnected with this. Q: Explain to us, how this is going to work, I understand the amount is Rs 1540 crore. This is your personal wealth and you are going to be pledging this towards a family foundation or the company's foundation? A: It
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