Interloop establishes Rs. 30 Mil Endowment Fund at LUMS
Thursday, 16 May 2013 00:07
Interloop Limited and Lahore University of Management Sciences (LUMS) signed an agreement on May 13, 2013, whereby Interloop has established an endowment to support upto four students in the LUMS National Outreach Programme (NOP). The established endowment, worth Rs. 30 million, has been set up to continuously support NOP students at LUMS and will be implemented starting this year.
Interloop Limited was represented at the signing ceremony by Mr. Musadaq Zulqarnain (CEO), Mr. Navid Fazil (COO) and Mr. Muhammad Maqsood, (Director Finance) were present. From LUMS, Pro Chancellor Syed Babar Ali, Rector Abdul Razzak Dawood, Vice Chancellor Dr. Adil Najam and Board Members Mr. Shahid Hussain and Mr. Faisal Farid attended. A video of the LUMS NOP Programme was also shown at the ceremony.
The LUMS Pro-Chancellor, Rector and Vice Chancellor thanked Interloop for their generosity and highlighted how the NOP programme has deep direct impacts on hundreds of bright students from all across the country. They gave examples of the achievements of various NOP students and pointed out that the programme not only benefits students in economic need but also makes the Univeristy as a whole more representative of the country as a whole and therefore benefits all of LUMS. Mr. Musadaq Zulqarnain said that it was the responsibility of the business sectors in Pakistan to help in such projects and that education was the best investment for the country.
Interloop started in 1992 with just 10 knitting machines, now has over 3,500 machines and a workforce of more than 13,500. Owing to its world class HR practices, it as an employer of choice in the Textile sector. Interloop Limited is South Asia’s largest and one of the top 4 Hosiery manufacturers in the world, making products for some of the world’s best known brands such a Nike, Puma, Calvin Klein, Reebok and more. The company’s turnover projected for 2013 is over USD 200 million. It has been active in corporate social responsibility activities of various types, and particularly in the field of education where it has been collaborating closely with The Citizens Foundation (TCF) Schools.
In another comment, Musadaq Zulqarnain, who belongs to the 17th Entry said that the NOP scholarships cover entire cost of studies and living for scholars coming from less privileged families - sons and daughters of watchmen, tailors, rickshaw drivers etc. Its a wonderful scheme to give hope to that section of society and to show them that they have equal rights on Pakistan and by working hard their kids can rise to the top as well.