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GMR Group pledges Rs 1,540 cr for charity

GMR Group chairman G. M. Rao has pledged to create an endowment worth Rs 1,540 crore for his family-promoted GMR Varalakshmi Foundation.

Mail Today Bureau   Mumbai     Last Updated: March 23, 2011  | 11:46 IST

On a day when Warren Buffett, the legendary investor and philanthropist, begins his India visit, GMR Group chairman G. M. Rao has pledged to create an endowment worth $340 million (Rs 1,540 crore) for his family-promoted GMR Varalakshmi Foundation, an organisation that undertakes charitable activities for the poor.

This endowment is equivalent to the entire portion of G. M. Rao's personal share of the entire business, which makes it very special, the GMR group said in a statement.

"From my initial years in business, I have always believed that we have a responsibility to give back to the society in which we thrive and we owe our success to," Rao said.

"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," Rao said while speaking on the sidelines of signing the legal documents pertaining to the family constitution, which was agreed to by the family members in 2007.

"Personally, it is even more satisfying than winning the bid for making India's most iconic project, Delhi T3. I would like to thank all those who have made it possible and deem it as God's greatness who has given my family and me this opportunity to give back to society." Rao added.

The GMR Varalakshmi Foundation (a Section 25 not-for profit company), is an integral part of the GMR Group, and is a professionally run organisation with presence in 22 locations in India and abroad.

Courtesy: Mail Today 

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