Malabar Group, a leading diversified Indian business conglomerate and the parent company of Malabar Gold & Diamonds – the sixth largest jewellery retailer globally, announced its National Scholarship Programme for 2024 at an event at Bharat Diamond Bourse, BKC, Mumbai, India.
The programme which has allocated more than $1.9mn to support the education of over 21,000 female students across India, is a milestone in the group's flagship corporate social responsibility (CSR) initiative, the Malabar National Scholarship Programme, a statement issued in Doha said Monday.
The event was inaugurated by Piyush Goyal, Minister of Commerce & Industry, government of India.
Malabar Group chairman M P Ahammed, vice chairman Abdul Salam K P, Malabar Gold & Diamonds India operations managing director Asher O, Malabar Group executive director Nishad A K and Mahendra Brothers director Shaunak Parikh were present.
Speaking about the initiative, Ahammed, said: “Education is the most powerful tool to change the world. Our scholarship programme is a direct reflection of Malabar Group’s deep-rooted belief that education unlocks opportunities and transforms lives. We are committed to removing barriers for young girls so they can fulfill their educational aspirations and contribute meaningfully to society.”
Since its inception, Malabar Group has demonstrated a strong commitment to inclusive growth through its social welfare activities.
In 1999, the Malabar Charitable Trust was created to structure and expand these efforts. The group allocates 5% of its profits to CSR initiatives in every country of operation, which spans health, housing, hunger free world, education, women empowerment and environment, with a particular focus on empowering marginalised communities.
Under the Malabar National Scholarship Programme, launched in 2007, to date, over $7mn has been invested, providing financial aid to more than 95,000 female students across India.
Under the Malabar Group's Hunger-Free World Project, 50,000 food packets are distributed daily in 80 cities across 16 states in India, and 10,000 meals are provided daily to school students in Zambia, Africa.
Malabar Group aims to scale the project to serve 100,000 people daily at 200 centres.
The Malabar Group has also launched the Grandma Home project, which provides free, fully equipped accommodation for destitute women, offering them protection and care. Currently, homes are operational in Bengaluru and Hyderabad, with plans to expand to major cities in Kerala, as well as Chennai, Kolkata, Delhi, and Mumbai.
To date, the Malabar Group has invested over $31mn in various social responsibility projects, reflecting its commitment to sustainable development, the statement added.