Tata Sons sets up Rs 500 crore trust for victims’ families

MUMBAI: Tata Sons has shaped a Rs 500 crore public charitable trust to help families impacted by the Air India 171 crash in Ahmedabad. It will contribute Rs 250 crore to the AI-171 Memorial and Welfare Trust, whereas its main shareholder, Tata Trusts, will match this with Rs 250 crore. This is without doubt one of the largest aid efforts by the House of Tatas. In 2020, the Tatas contributed Rs 1,500 crore for Covid-19 aid, with Tata Trusts offering Rs 500 crore. In 2008, Indian Hotels (Taj chain) had established a trust to assist affected victims and families of the 26/11 Mumbai terror assaults. The AI-171 Trust, registered in Mumbai, can be administered by 5 trustees together with Tata Chemicals chairman S Padmanabhan and Tata Sons’ basic counsel Sidharth Sharma. Three further trustees stay to be appointed. However, not one of the Tata Trusts trustees can be a part of the AI-171 Trust board. The airplane crash on June 12 claimed over 250 lives. Tata Sons promptly introduced Rs 1 crore compensation for every deceased sufferer’s household. This quantity can be disbursed by means of the AI-171 Trust. The Trust may also cowl medical remedy for the injured and reconstruction prices for the BJ Medical College hostel.