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Time of India
5 days ago
- Business
- Time of India
Tata Sons sets up Rs 500 crore trust for victims' families
File photo MUMBAI: Tata Sons has formed a Rs 500 crore public charitable trust to aid families impacted by the Air India 171 crash in Ahmedabad. It will contribute Rs 250 crore to the AI-171 Memorial and Welfare Trust, while its primary shareholder, Tata Trusts, will match this with Rs 250 crore. This is one of the largest relief efforts by the House of Tatas. In 2020, the Tatas contributed Rs 1,500 crore for Covid-19 relief, with Tata Trusts providing Rs 500 crore. In 2008, Indian Hotels (Taj chain) had established a trust to support affected victims and families of the 26/11 Mumbai terror attacks. The AI-171 Trust, registered in Mumbai, will be administered by five trustees including Tata Chemicals chairman S Padmanabhan and Tata Sons' general counsel Sidharth Sharma. Three additional trustees remain to be appointed. However, none of the Tata Trusts trustees will be part of the AI-171 Trust board. The airplane crash on June 12 claimed over 250 lives. Tata Sons promptly announced Rs 1 crore compensation for each deceased victim's family. This amount will be disbursed through the AI-171 Trust. The Trust will also cover medical treatment for the injured and reconstruction costs for the BJ Medical College hostel. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
5 days ago
- Business
- Mint
Air India Plane Crash: Tata Sons sets up ‘AI-171 Memorial and Welfare Trust', pledges ₹500 crore for victims
Tata Sons established the AI-171 Memorial and Welfare Trust in Mumbai, dedicated to supporting victims of the tragic Air India flight crash. The Trust will aid dependents and first responders of the incident, with Tata Sons and Tata Trusts pledging ₹ 500 crores for medical treatment and infrastructure rebuilding. 'Tata Sons today formalised and completed the registration of a public charitable trust in Mumbai. 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,' the company said in a statement. The newly formed trust aims to support the dependents and relatives of the deceased, injured individuals, and others who are 'directly or collaterally' impacted by the accident. Additionally, the trust aims to provide aid and assistance to alleviate any distress experienced by first responders, medical and disaster relief professionals, social workers, and government staff who offered services following the accident. The Trust will be administered and managed by a 5-member Board of Trustees. The first two trustees appointed are S Padmanabhan, a former Tata veteran, and Sidharth Sharma, Tata Sons' General Counsel. The other two members will be appointed later, the company informed. Out of the total ₹ 500 crore pledged for the Air India crash victims, Tata Sons and Tata Trusts will contribute ₹ 250 crores. These funds will be aimed towards the philanthropic objectives of the Trust, including an ex gratia payment of ₹ 1 crore that will be provided to the families of the deceased, medical treatment for those with serious injuries, and support for rebuilding the damaged B J Medical College Hostel infrastructure. On Thursday, June 12, 2025, a Tata Group-run Air India plane, carrying 242 people, crashed shortly after takeoff in the Meghani Nagar area of Ahmedabad at around 1:40 pm, killing 241 people on board.
Mint
5 days ago
- Business
- Mint
Air India Plane Crash: Tata Sons sets up ‘AI-171 Memorial and Welfare Trust', pledges ₹500 crore for victims
Tata Sons established the AI-171 Memorial and Welfare Trust in Mumbai, dedicated to supporting victims of the tragic Air India flight crash. The Trust will aid dependents and first responders of the incident, with Tata Sons and Tata Trusts pledging ₹ 500 crores for medical treatment and infrastructure rebuilding. 'Tata Sons today formalised and completed the registration of a public charitable trust in Mumbai. 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,' the company said in a statement. The newly formed trust aims to support the dependents and relatives of the deceased, injured individuals, and others who are 'directly or collaterally' impacted by the accident. Additionally, the trust aims to provide aid and assistance to alleviate any distress experienced by first responders, medical and disaster relief professionals, social workers, and government staff who offered services following the accident. The Trust will be administered and managed by a 5-member Board of Trustees. The first two trustees appointed are S Padmanabhan, a former Tata veteran, and Sidharth Sharma, Tata Sons' General Counsel. The other two members will be appointed later, the company informed. Out of the total ₹ 500 crore pledged for the Air India crash victims, Tata Sons and Tata Trusts will contribute ₹ 250 crores. These funds will be aimed towards the philanthropic objectives of the Trust, including an ex gratia payment of ₹ 1 crore that will be provided to the families of the deceased, medical treatment for those with serious injuries, and support for rebuilding the damaged B J Medical College Hostel infrastructure. On Thursday, June 12, 2025, a Tata Group-run Air India plane, carrying 242 people, crashed shortly after takeoff in the Meghani Nagar area of Ahmedabad at around 1:40 pm, killing 241 people on board. Hours after the crash, Air India shared details regarding the incident on the social media platform X. The airline wrote, 'The aircraft crashed shortly after take-off. We regret to inform that, of the 242 aboard, there are 241 confirmed fatalities."
India Today
5 days ago
- Business
- India Today
Tata Sons forms AI 171 memorial trust, pledges Rs 1 crore to victims' families
Tata Sons has announced the formation of the AI 171 Memorial and Welfare Trust, a public charitable trust dedicated to the victims of the Air India flight AI 171 crash in Ahmedabad. As part of its commitment, Tata Sons has pledged an ex gratia payment of Rs 1 crore to the families for each trust, registered in Mumbai, will provide immediate and continuing support to those affected by the tragic Sons today formalised and completed the registration of a public charitable trust in Mumbai. 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,' the company said in a statement. The Trust's scope of work will extend beyond the victims and their families. Tata Sons further said that it will also support individuals who were injured in the incident and others directly or indirectly addition, the Trust will aid first responders, medical professionals, disaster relief teams, social workers, and government personnel who played a critical role in the aftermath of the Sons and Tata Trusts have collectively pledged Rs 500 crores towards the Trust's philanthropic objectives, contributing Rs 250 crores fund will be utilised for ex gratia payments, medical treatment for the seriously injured, and rebuilding the BJ Medical College Hostel infrastructure, which was damaged during the Trust will be managed by a five-member Board of Trustees. The first two appointed members are S Padmanabhan, a former Tata veteran, and Sidharth Sharma, General Counsel of Tata Sons. "The remaining trustees will be announced soon", the company Trust will become operational following the completion of the necessary tax and regulatory registrations.- EndsTrending Reel IN THIS STORY#Ahmedabad Plane Crash
NDTV
5 days ago
- Business
- NDTV
Tata Group Sets Up Rs 500 Crore Welfare Trust For Air India Plane Crash Victims
New Delhi: Tata Group on Friday announced setting up a Rs 500-crore trust - The AI-171 Memorial and Welfare Trust - for the victims of the Air India plane crash that killed 260 people in Ahmedabad last month. Tata Sons and Tata Trusts have committed Rs 250 crore each to the Trust, which has been registered as a public charitable trust in Mumbai. "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," Tata Sons said in a statement on Friday. Besides, the Trust will provide aid and assistance for alleviation of any trauma or distress suffered by the first responders, medical and disaster relief professionals, social workers and governmental staff who provided invaluable institutional support and service in the aftermath of the accident. A five-member board of trustees will manage and administer the Trust. S Padmanabhan, a former Tata veteran, Sidharth Sharma, Tata Sons' General Counsel, have been appointed as trustees and the three other trustees will be appointed shortly. The philanthropic objects of the Trust 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 in Ahmedabad, which was damaged in the accident. According to the statement, 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," the statement said. On June 12, an Air India plane, en route from Ahmedabad to London, crashed into a building soon after takeoff, killing 260 people, including 19 on the ground. Out of the 242 people who were onboard the ill-fated Boeing 787-8 aircraft, only one passenger survived.
