Allcargo founder donate 3% shares to the group's charity arm

28 Jun 2024 CW Team

Shetty's decision to give away shares to charity highlights an increasing tendency among Indian business magnates to contribute their fortune to charitable causes. Businessmen like Shiv Nadar, the founder of HCL, and Azim Premji, the chairman of Wipro, have recently donated money to support a variety of charitable causes. Shetty established Allcargo Logistics, one of India's top logistics companies. It runs logistics parks, container freight stations, contract logistics, express logistics, air freight, and non-vessel owning common carrier (NVOCC) businesses.

The Avashya Foundation will be able to expand its current operations with the aid of the share transfer. In addition to intensifying its focus on healthcare, education, and the environment, the Foundation will form an advisory board to begin charitable endeavours. According to those with knowledge of the proposal, it is aiming to establish an international school with an IB and CBSE curriculum in Borivali, in the Mumbai suburbs, by 2025 in collaboration with Bunts Sangha Mumbai.

The Avashya Foundation has been active in Tamil Nadu, Maharashtra, and Karnataka, promoting environmental sustainability, healthcare, and education. It has carried out landmark programmes in healthcare, education, and the environment, including Maitree, Nipun, Disha, and Jeevan, which help people deal with cancer. These programmes are meant to empower poor areas. One million trees have been planted under Maitree, impacting over 90,000 lives. Over 7,000 young people have been successfully taught by the Nipun-Skill Development programme, which was inspired by the Government of India's Skill India Mission.

Shetty was instrumental in renaming the National Institute for Training in Industrial Engineering (NITIE) the Indian Institute of Management, Mumbai (IIM Mumbai) in 2023 while serving as the chairman of the board of governors. Sources informed of the strategy state that Shetty wants to increase the competitiveness of the logistics sector while also fostering the growth of management and professional capabilities.

In order to give charitable endeavours a distinct focus and financial support, the chairman of the global logistics company Allcargo Group, Shashi Kiran Shetty, gave 3% of his entire ownership through an internal share transfer to the organisation's CSR arm, the Avashya Foundation. According to Allcargo Logistics' closing price from yesterday, the 3% stake was valued at Rs 1.80 billion after the shares were transferred on Wednesday. Following the transfer, Shetty will own 65% of the business. Shetty's decision to give away shares to charity highlights an increasing tendency among Indian business magnates to contribute their fortune to charitable causes. Businessmen like Shiv Nadar, the founder of HCL, and Azim Premji, the chairman of Wipro, have recently donated money to support a variety of charitable causes. Shetty established Allcargo Logistics, one of India's top logistics companies. It runs logistics parks, container freight stations, contract logistics, express logistics, air freight, and non-vessel owning common carrier (NVOCC) businesses. The Avashya Foundation will be able to expand its current operations with the aid of the share transfer. In addition to intensifying its focus on healthcare, education, and the environment, the Foundation will form an advisory board to begin charitable endeavours. According to those with knowledge of the proposal, it is aiming to establish an international school with an IB and CBSE curriculum in Borivali, in the Mumbai suburbs, by 2025 in collaboration with Bunts Sangha Mumbai. The Avashya Foundation has been active in Tamil Nadu, Maharashtra, and Karnataka, promoting environmental sustainability, healthcare, and education. It has carried out landmark programmes in healthcare, education, and the environment, including Maitree, Nipun, Disha, and Jeevan, which help people deal with cancer. These programmes are meant to empower poor areas. One million trees have been planted under Maitree, impacting over 90,000 lives. Over 7,000 young people have been successfully taught by the Nipun-Skill Development programme, which was inspired by the Government of India's Skill India Mission. Shetty was instrumental in renaming the National Institute for Training in Industrial Engineering (NITIE) the Indian Institute of Management, Mumbai (IIM Mumbai) in 2023 while serving as the chairman of the board of governors. Sources informed of the strategy state that Shetty wants to increase the competitiveness of the logistics sector while also fostering the growth of management and professional capabilities.

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