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October 08, 2007 10:59 IST
Vodafone Group Plc 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, a company release said.
"As someone who was born and raised in India, I recognise 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.
The foundation would initially focus on projects associated with providing education to youths across the country, enabling the 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 pounds to assist victims across India through International relief agencies including Oxfam.
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