RIL to invest Rs 500 cr in Reliance Foundation

Mukesh Ambani-run Reliance Industries (RIL) plans to invest Rs 500 crore to set up a philanthropic entity called Reliance Foundation with plans to scale up its contribution to Rs 1,000 crore.

"We envisage Reliance Foundation to become one of the foremost professional philanthropic organisations in the world. RIL is making an initial contribution of Rs 500 crore and rapidly scale it up to Rs 1,000 crore," RIL's Chairman and Managing Director Mukesh Ambani, said here.

More resources will be made available in the coming years as the foundation expands its activities, Ambani said.

In its charter, The Reliance Foundation would address issues like formal and vocational education, affordable high-quality health care, meaningful rural development and urban renewal and protection and promotion of India's heritage of arts and culture.

Over the coming months, the foundation will develop specific programmes and projects that would address some of our most pressing challenges, he said.