Shiv Nadar Foundation, the private philanthropic initiative of HCL Founder Shiv Nadar, on Tuesday, said it planned to invest Rs.3,000 crore over the next five years towards expansion of its educational institutions and other initiatives.
This will include investments on VidyaGyan schools, SSN Institutions, Shiv Nadar University, Shiv Nadar School, and Kiran Nadar Museum of Art.
Elaborating on the investments, Mr. Nadar said, “A major portion of the expenditure will be done on the expansion of the two VidyaGyan schools and also Shiv Nadar Schools. Additionally, the Shiv Nadar University will alone consume investment of about Rs.300 crore a year.”
Roshini Nadar Malhotra, Mr. Nadar’s daughter and an SNF trustee, said the Foundation had invested Rs.1,800 crore till March 2013, and an additional investment of up to Rs.1,220 crore was expected by the end of the current fiscal. Meanwhile, talking to reporters, Mr. Nadar said he supported the mandatory 2 per cent spending on corporate social responsibility (CSR).
Asked if he welcomed the mandatory 2 per cent CSR spending norm as per the new Companies Act, Mr. Nadar said, “I personally do”.
Speaking on the occasion of the foundation completing 20 years, Mr. Nadar said: “We have a long-term investment aim of $1 billion (about Rs.6,000) crore.” He did not elaborate on the time period of this investment.
Releasing SNF’s report, which will now be a yearly feature, Mr. Nadar said: “The annual report is our first step towards aligning the foundation with global governance standards in private philanthropy.”