Anand Mahindra 'Gifts' USD 10 Mn to Harvard University

Posted By: Religare
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In one of the "largest gift" for the Harvard's Humanities Centre, the University today said that its alumnus and Mahindra and Mahindra's Vice-Chairman and Managing Director, Anand Mahindra, has given it USD 10 million in honour of his mother Indira Mahindra. The University has claimed that the grant was the "largest gift" for the study of humanities in Harvard's history and would advance the unique interdisciplinary collaborations led by Centre Director, Homi Bhabha, a press release issued here stated. Mahindra had graduated from Harvard in 1977 and earned an MBA degree in 1981. "This remarkable gift is a significant affirmation of the importance of the humanities and the central place of the liberal arts in the University," Harvard University and Lincoln Professor of History's President, Drew Gilpin Faust, said. Faust said that the grant had come at a time when it was vital to bring a humane and critical perspective to the urgent questions that confront the world. "To address complex problems in an interdependent world, it is vital to encourage the cross-cultural and interdisciplinary exchange of ideas in an international setting. I am proud to be part of the intellectual legacy of India's contribution to global thinking across the arts, culture, science, and philosophy. I am convinced of the need for incorporating social and humanistic concerns into the core values that inform the world of business and have sought to do so with tremendous support from my peers and colleagues at work and beyond," Mahindra said. At a recent meeting chaired by Major Industries Minister Kanna Lakshminarayana, the state government agreed in principle to consider 100 per cent reimbursement of Value-Added Tax for 10 years from the date of commencement of production by the company. "As per initial projections, the financial implication of VAT for the project will be Rs 120 crore in the first five years in a phased manner," a top official of the Industries Department told PTI. The state government would also recommend, to the Union Government, allocation of natural gas for the Mahindra project on a priority basis. "All other regular incentives listed in the AP Industrial Policy 2010-15 will also be extended to M&M for the new project. Similar incentives will also be provided to the ancillary units that will come up at the Vendor Park close-by," the official said. About 250 acres of land currently available with the AP Industrial Infrastructure Corporation at the Industrial Park near Zaheerabad would be reserved for ancillary units\vendors for creation of a manufacturing cluster in collaboration with M&M, the official added.

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Story first published: Tuesday, October 5, 2010, 12:23 [IST]
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