The GMR Group Chairman, Mr GM Rao has made a commitment to create an endowment worth $340 million ( Rs 1540 crore), in favour of the GMR Varalakshmi Foundation, for charitable activities to serve the needs of the under-served sections of society.
This endowment is equivalent to the entire portion of Mr. G M Rao’s personal share of the entire business, which makes it very special, a company press release said.
Speaking on the occasion, Mr Rao said “ From my initial years in business, I have always believed that we have a responsibility to give back to the society I which we thrive and we owe our success to”.
Mr Rao was speaking on the sidelines of signing of the legal documents pertaining to the family constitution, which was agreed to by the family members in 2007. He 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. Personally, it is even more satisfying than winning the bid for making India’s most iconic project, Delhi T3”.
The GMR Varalakshmi Foundation (a Section 25 not-for-profit Company), is an integral part of the GMR Group, and is a professionally run organization with a presence in 22 locations, India and abroad.
Mr. G M Rao hoped that the Foundation will continue with its focus on spreading education and vocational training to provide sustainable livelihood to the people.