Lodha Family Redirects Wealth for Social Upliftment

Abhishek Lodha and his family will donate around Rs 20,000 crore in shares from Macrotech Developers Ltd to the Lodha Philanthropy Foundation. This transfer is inspired by the Tata family's philanthropic legacy and aims to significantly impact national and social causes through the foundation's efforts.

Abhishek Lodha and his family, prominent promoters of the Lodha Group, are set to transfer a substantial share portion worth approximately Rs 20,000 crore from listed company Macrotech Developers Ltd to Lodha Philanthropy Foundation.

Macrotech Developers, a major real estate developer in the nation, markets properties under the Lodha brand. Lodha Philanthropy Foundation is a non-profit dedicated to national and social upliftment. The organization will begin operations with an initial corpus of around Rs 20,000 crore, equivalent to USD 2.5 billion.

Reflecting on this historic transfer, Abhishek Lodha, MD and CEO of Macrotech Developers, cited the legacy of the Tata family, whose philanthropic endeavors have significantly benefited India. Encouraged by family support, Lodha aims to use the foundation as a vehicle for substantial social change.

(With inputs from agencies.)