Sobha group founder to give 50 pc of fortune to charity: Report
PNC Menon, the founder of Sobha Group of Companies, with an estimated fortune of USD 600 million plans to give half of his personal wealth to charity, a news report says.
Dubai-based Menon, a first generation entrepreneur who began his professional career by setting up an interior decoration firm in the Sultanate of Oman in 1976, told Arabian Business that he plans to open education institutes in India and Oman.
"Once you make all of the money I don't think you should keep all of it for your family, a large portion of it should go to society. I have decided that 50 per cent of mine should go to society," he was quoted as saying in the report.
"My view is very simple; I am lucky to have made my money. After a certain point in time, money cannot make a difference in your life. I feel that its not even called charity, it's about accountability and the responsibility of society," he said.
Menon was ranked the Gulf Cooperation Council's 21st richest Indian with a fortune of USD 600 million, in a list published last month by Arabian Business.
His firm established Sobha Heritage and Sobha Academy in 2006 to provide education and social welfare to around 2,500 families in two villages in India, Vadakkenchery and Kizhakkenchery.
Realty firm Sobha Developers, where Menon holds the position of Chairman Emeritus, was listed on the Bombay Stock Exchange in 2006. Bangalore-based Sobha Developers was founded in 1995. The Sobha Group employs
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