Tata Sons and Tata Trusts on Friday said they have set up a ₹500 crore welfare trust for the victims of the Air India plane crash.
“The Trust will be called ‘The AI-171 Memorial and Welfare Trust’, dedicated to the victims of the unfortunate accident of Air India flight AI-171 in Ahmedabad,” a statement issued by Air India said.
Tata Sons and Tata Trusts have committed to contributing ₹250 crore each to the trust for philanthropic purposes, including ex gratia payment of ₹1 crore to the families of those who died in the crash.
The trust’s philanthropic activities will also include medical treatment of those who suffered serious injuries and support for rebuilding the B J Medical College Hostel infrastructure, which was damaged in the accident.
“Tata Sons and Tata Trusts have together pledged to contribute Rs. 500 crores (with both committing Rs. 250 crores each) for the Trust’s philanthropic objects, which will include ex-gratia payment of Rs. 1 crore for those deceased, medical treatment of those who suffered serious injuries, and support for rebuilding the B.J. Medical College hostel infrastructure which was damaged in the accident. The Trust will be managed and administered by a 5-member Board of Trustees, the statement said.
It added: “The Trust will provide both immediate and continuing support to the dependents/next-of-kin of the deceased, to those who were injured, and to all others who are directly or collaterally affected by the accident.”
{{/usCountry}}It added: “The Trust will provide both immediate and continuing support to the dependents/next-of-kin of the deceased, to those who were injured, and to all others who are directly or collaterally affected by the accident.”
{{/usCountry}}S Padmanabhan, a former Tata veteran and Sidharth Sharma, Tata Sons’ general counsel have been appointed as initial trustees of the board. Additional trustees will be appointed shortly, the statement said.
“The Trust will be funded and will commence its work in all earnestness after necessary registration with the Tax authorities and other operational formalities, currently underway, are completed,” it added.
On June 12, the Air India aircraft, a Boeing 787, crashed just seconds after take-off from Ahmedabad airport, killing 260 people.