Gujarat-based Torrent Group has committed ₹5,000 crore in next five years starting from April 1, 2024 for charities in the field of healthcare, education, ecology, arts and culture and social services as the group is celebrating the birth centenary of its founder U.N. Mehta.
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One of the largest business groups based in Ahmedabad, nearly ₹40,000 crore Torrent Group has presence in power, gas distribution, pharmaceuticals and diagnostics sectors across the country.
On Sunday, the group helmed by Mehta family, announced commitment of ₹5,000 crore to the UNM Foundation, the charity arm of the group.
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As per the announcement, the Mehta family will over the next five years, commencing from April 1 2024, donate a sum of ₹5,000 crores to the UNM Foundation. This contribution will be over and above the statutory Corporate Social Responsibility contributions of the Torrent Group companies.
“The UNM Foundation will make sincere endeavors to utilise this amount for unique social causes; without any beneficiary barriers of caste, religion, gender and economic strata,” Samir Mehta, chairman of the group, said
He further stated that the UNM Foundation would focus its efforts on the areas of healthcare, education, knowledge enhancement, ecology, social well being, arts and culture and other activities that may serve the basic premise to benefit the underprivileged.
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Talking about his father, Mr. Mehta said that his U.N. Mehta had an extremely troubled childhood as he had lost his mother when he was just two and grew up in a poverty-stricken family.
Regarded as one of the pioneers in pharmaceuticals business in the country, U.N. Mehta had weathered many health challenges such as being diagnosed with mental health issues at the age of 39 due to the side effects of a medicine that was prescribed to him; being diagnosed with an extremely rare form of cancer at 53 and the onset of cardiac problems ultimately leading to a bypass surgery at the age of 62.
He failed in his first attempt at setting up a business and had to return to his village for many years. He overcame each of these challenges and finally at the advanced age of 48 years, succeeded in his second attempt at setting up a pharmaceutical business.
“In view of his own tryst with psychiatric and cardiac health issues, his initial efforts were focused around making medicines for psychiatric and cardiac ailments, for which medicines were not easily available in India at the time. His remarkable life serves as a beacon of hope for people who have lost all hope in life,” Mr. Samir Mehta said in an event to mark the centenary celebration in Ahmedabad on Saturday night.
“We strive to take forward his legacy as we grow in existing businesses and diversify into new ones,” said Jinal Mehta, son of Sudhir Mehta, chairman emeritus of the Torrent Group.