Tata Trusts is a major inspiration: Abhishek Lodha after pledging Rs 20,000 crore to philanthropy

Abhishek Lodha, the MD and CEO of Lodha Group, who on Monday pledged more than Rs 20,000 crore to philanthropy, said he was inspired by the Tata family's decision to give away a major part of their shareholding in their business to the Tata Trusts a century ago.

"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. As Lodha grows further in the years to come, LPF will have ever-increasing resources to fulfill our commitment of ‘Do Good, Do Well’," he said in a statement.

The Lodha Group 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 and making it a large shareholder in the listed real estate company.

"We will soon be transferring shares worth Rs 20,000 crore of MDL to the foundation. An advisory board will be set up in January next year to manage the social initiatives," Lodha told PTI. "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 fulfill our commitment of ‘Do Good, Do Well’."