INDIACSR News Network
NEW DELHI: Shiv Nadar Foundation (SNF), the private philanthropic initiative of HCL founding chairman Shiv Nadar, will invest Rs 3,000 crore in the next five years towards various educational programmes.
This will take the long-term investment of the foundation to $1 billion (Rs 6,000 crore) in various philanthropic initiatives.
Shiv Nadar Foundation, one of India’s largest philanthropic institutions, was invested over Rs 1,800 crore till March 2013 with an additional expected investment of upto Rs 1,220 crore till the end of the current fiscal.
The investments in Shiv Nadar Foundation is separate from corporate social responsibility programmes undertaken by HCL as a company.
Under the new companies act, 2013, all profitable companies with a sizeable business will have to spend every year at least two per cent of three-year average profit on CSR works.
Nadar said that the philanthropic activity, which is happening in the country, is not enough.
He said that he involved his daughter Roshni Nadar Malhotra in the foundation as the various education programme carried by it will require the work of two generations to get fulfilled.
Shiv Nadar Foundation established in 1994 has completed 20 years in philanthropy. He supported the provision made by the government in the companies bill to mandatory spend two per cent on corporate social responsibility (CSR).
“I personally do (support),” Nadar said on whether he supported the mandatory spend on CSR by corporates. He also said that the investments will be across existing initiatives and new initiatives of the Shiv Nadar Foundation.