A foundation run by founder and chairman of HCL Corporation Shiv Nadar Tuesday committed Rs.3,000 crore to develop education institutions over the next five years.
Addressing a media conference here, Nadar said the investments will be in new as well as existing initiatives of Shiv Nadar Foundation. The foundation, set up in 1994, has invested over Rs.1,800 crore till March 2013.
Nadar said the foundation's focus is on creating global leaders of tomorrow by providing "transformational education". The foundation's initiatives include VidyaGyan schools in Uttar Pradesh, SSN Institutions in Tamil Nadu and Shiv Nadar University, an international multi-disciplinary university located in Greater Noida.
The Shiv Nadar Foundation announced its financial statements, and Nadar said the initiative is aimed at ensuring transparency. "The annual report is our first step towards aligning the foundation with global governance standards in private philanthropy." "I firmly believe that philanthropy is most effective and outcome-oriented when you ensure that your pledge actually gets spent," he said.
Speaking on the occasion, Roshni Nadar Malhotra, trustee of Shiv Nadar Foundation, said: "Our strong conviction in creating institutions that become citadels of leadership development has led the foundation to adopt the creative philanthropic approach." "In the last 20 years of its journey, the foundation has directly impacted 15,000 students and has created 2000 first generation learners," she said