Created as a corporate social responsibility initiative for HCl Technologies, Shiv Nadar Foundation (SNF), a philanthropic activities in education, celebrated the completion of its 20 years on Monday.
On this occasion, Shiv Nadar, Founder and Chairman of HCl Technologies committed Rs 3,000 crore from the company for the next five years for expansion of activities of the foundation.
Talking about the expansion plans of the foundation, Shive Nadar said, “The foundation has committed Rs 3,000 crore towards educational initiatives and expansion programmes over the next five years. Apart from that we have a long-term investment aim of $1 billion or about Rs 6,000 crore. This money would be utilized to set up schools around Delhi National Capital Region (NCR). Also nearly Rs 300 crore would be consumed by Shiv Nadar University alone.”
He further added that the Rs 3,000 crore investments would be given in installments of Rs 500- 600 crore over a period of five years. Talking about the various projects taken up by the foundation, Roshini Nadar Malhotra, Nadar’s daughter and an SNF trustee, said, “SNF has directly impacted 15,000 students and has created 2,000 first generation learners in the last 20 years. Currently there are in total 7,640 students enrolled with the foundation through its five programs. The total investments till August have been Rs 1,801.5 crore and expect an additional investment of up to Rs 1,220 crore by the end of the current fiscal.”
When asked how the foundation receives its funding, Nadar said the foundation gets dividends from HCl firms. The foundation has a corpus fund which is utilised for expansion activities.
On the occasions, Nadar also released SNF’s report and added, “The annual report is our first step towards aligning the foundation with global governance standards in private philanthropy. This would be a yearly event from now.”