Tata Trusts, which controls over $100 billion in assets of the Tata Group, have shown keen interest for the overall development of Maharashtra and are considering fund allocation.
In this front, Ratan Tata, Chairman of Tata Trusts and Tata Group Chairman Emeritus on Tuesday called on Maharashtra Chief Minister Prithivraj Chavan and other government officials including state Chief Secretary J.S. Saharia to explore sectors in which Tata Trusts could invest as part of their CSR initiative.
During the meeting, Mr. Tata assured the chief minister that Tata Trusts would participate in developing various sectors. What exactly transpired at the meeting could not be ascertained immediately.
“Mr. Tata has assured investing in fields such as education, employment development and health as a part of their corporate social responsibility,” an official from the Chief Minister’s office said.
Tata officials declined to quantify any amount planned to be allocated but a media report had stated that the Tata Trusts would pump in Rs. 50,000 crore into development of various sectors in Maharashtra.
However, analysts found this figure beyond the means of the Tata Trusts.
A core committee comprising representatives of the State Government and the Tatas will be set up to decide the areas and types of investment to be made.
“Mr. Tata’s meeting with the Chief Minister and government officials was to explore the scope of overall development of Maharashtra,” said a Tata Group official.
