Lodha Group gives away 'substantial' stake in Macrotech to a non-profit with Rs 20,000 crore initial corpus

Lodha Philanthropy Foundation (LPF) deploys its entire income and assets for national and social causes, focused on four key areas – women, children, environment, and Indian culture.

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The Lodha Group promoters will be transferring a 'significant part' of their shareholding in Macrotech Developers to the non-profit entity Lodha Philanthropy Foundation, giving it an initial corpus of Rs 20,000 crore, or $2.5 billion, making it a large shareholder in the listed real estate company.

Abhishek Lodha, the MD & CEO of Lodha Group cited the decision by Tata family to give away a major part of their shareholding in their business to the Tata Trusts a century ago as the inspiration behind their decision.

"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, Lodha Philanthropy Foundation (LPF) will now own ~1/5th of one of India’s largest real estate companies, Macrotech Developers. As Lodha grows further in the years to come, LPF will have ever-increasing resources to fulfil our commitment of ‘Do Good, Do Well’," Abhishek Lodha said in a statement.

Lodha Philanthropy Foundation (LPF) deploys its entire income and assets for national and social causes, focused on four key areas – women, children, environment, and Indian culture.

Macrotech Developers is listed real estate developer with presence in Mumbai Metropolitan Region, Pune and Bengaluru, and a market capitalisation of Rs 1.1 lakh crore. Shares of Macrotech Developers are higher by 5% so far this year, and higher by 45% in last one year.

Macrotech has benefitted from a consolidation wave in the real estate segment, which has meant that the market share has moved towards listed and large, unlisted property developers.