Five industrialists from Andhra Pradesh yesterday formed an autonomous body, Nandi, to assist in the state's economic and social development.
The organisation has an initial corpus of Rs 2.5 crore donated by industrialists K Anji Reddy of Dr Reddy's Labs, Ramesh Gelli of Global Trust Bank, K S Raju of the Nagarjuna group, B Ramalinga Raju of Satyam Computers and Akkeneni Nageswara Rao of Annapurna.
Non-resident Indians from the US and Europe have also promised to help the organisation by contributing funds, technology and equipment.
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Anji Reddy is the organisation's chairman and Ramesh Gelli is the vice-chairman. Bilkees Latif , wife of a former Air Chief Marshal, former chief justice of Assam A Rahguveer and academic R V R Chandrasaekhara Rao will be the trustees.
Gelli said the foundation was the result of Andhra Pradesh Chief Minister N Chandrababu Naidu's recent visit to the US where several non-resident Indians expressed desire to participate in their home state's development and wanted a mechanism through which they could route investment.
While launching the organisation, former Reserve Bank of India governor C Rangarajan said it should not only to create community assets but also maintain them efficiently so that the flow of services from these assets remain at the desired level.
"The sad state of our public assets created over the years is a pointer to what needs to be done. Also, wherever there has been community participation, the maintenance of these assets and flow of services has been distinctly better. This needs to be taken note of," Rangarajan said.
Naidu said there was need to change the government's role to that of a facilitator.
He assured the foundation that the government would not interfere with its working and would extend all assistance. He also gifted land to organisation for its building.