Vodafone to set up $10mn foundation in India

Vodafone to set up $10mn foundation in India
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First Published: Mon, Oct 08 2007. 01 29 PM IST
Updated: Mon, Oct 08 2007. 01 29 PM IST
PTI
New Delhi: Vodafone Group Plc, the world’s largest telecom operator, will establish a Foundation in India with an investment of $10 million to strengthen its presence in the country.
Vodafone India Foundation’s aim would be to contribute to the society by providing direct grants to locally registered charities and global NGOs with social investment aims and objectives.
“As someone who was born and raised in India, I recognize the urgent need for our youth to be empowered from a knowledge perspective. We believe the Foundation will become an effective catalyst in this regard, Vodafone Chief Executive Officer Arun Sarin said.
Sarin would be the first Chairman of the Foundation whose charter would be to focus on projects associated with providing education to youth across the country, enabling development of higher skill sets.
It would commence work pursuant to the completion of the formal registration process, in compliance with tax and foreign contribution legislation and appointment of trustees.
Vodafone Group Foundation, is a UK registered Charity established by Vodafone Group Plc in 2002 and has a network of 23 foundations around the world during the last five years.
The Foundation has allocated a total of 1,50,000 pound to assist victims across India through International relief agencies including Oxfam.
In addition, in partnership with the UN Foundation, Vodafone plans to contribute a further 1 million pound to support expansion of the Measles Initiative into the region and is supposed to be the largest corporate contributor to this programme.
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First Published: Mon, Oct 08 2007. 01 29 PM IST