Kathmandu. Tata Sons, the holding company of India’s largest conglomerate Tata Group, has set up a fund to provide financial assistance to the victims of the June 12 Air India crash in Ahmedabad. Approval has been sought from the board for this.
The company’s chairman N Chandrasekaran informed the board about the funds at an interim board meeting on Thursday. “Tata Sons has sought approval to allocate Rs 500 crore for the fund,” the report said.
The Tata Group’s holding company had earlier considered setting up two separate funds. One for the families of Indian nationals and the other for foreign nationals killed in a flight accident to London.
Rs 500 crore will be used to compensate the families of those killed in the plane crash, medical care and improve the medical college damaged in the plane crash. The remaining amount will be used to meet the long-term needs of the affected families. The fund is expected to be registered soon.
The initiative is being led by PB Balaji, CFO, Tata Motors Group. He has more experience in regulatory, financial and corporate governance matters.
Apart from this, people from outside the Tata group will also be included to strengthen this fund. Tata Trusts is also likely to contribute to this. The board meeting was attended by Tata Trust nominees Noel Tata, Venu Srinivasan and Vijay Singh.
An Air India flight crashed in Ahmedabad on June 12. In which 275 people lost their lives. Of the 242 people on board, 241 died. Only one of these passengers, Biswas Ramesh, survived.
At the same time, people around the medical college also lost their lives in the plane crash. Air India had announced compensation after the accident. Along with this, the investigation of Boeing 878 was also started.
