HDFC unveils legacy center on founder HT Parekh before merger

HDFC, on the verge of a reverse merger with its banking subsidiary, recently unveiled the HT Parekh Legacy Centre at its headquarters in Ramon House. The center commemorates the achievements of Hasmukh Thakordas Parekh, the founder of HDFC and a key figure in shaping the housing finance market in India. In 1978, at the age of 67 and a year after retiring as Chairman of ICICI Ltd, Parekh established HDFC with a personal contribution of Rs 10,000 and borrowed funds of Rs 10 crore.

The HT Parekh Legacy Centre showcases a digital and visually captivating history of Parekh's life. It traces his journey from humble beginnings to his foray into stockbroking, his role in building ICICI as a development bank, and the realization of his lifelong dream with the founding of HDFC. Born in Surat in 1911, Parekh passed away in 1994, leaving behind a remarkable legacy. Apart from HDFC, he also founded GRUH Finance and Hindustan Oil Exploration Corporation.

The inauguration of the center was attended by Jamshyd N Godrej, Chairman and Managing Director of Godrej & Boyce, along with Pheroza Godrej and Deepak Parekh, the Chairman of HDFC. The merger between HDFC and HDFC Bank is scheduled to take effect from July 1, further solidifying HDFC's position as the second-largest financial institution in India.

The HT Parekh Legacy Centre serves as a tribute to Parekh's extraordinary life. It showcases his story through archival documents, photographs, audio-visuals, and personal belongings. The center provides insights into his mentors, colleagues, friends, and family, offering a comprehensive portrayal of his achievements. Deepak Parekh, describing his late uncle as "a soft-spoken giant," expressed his gratitude for the opportunity to present his journey in such a unique and engaging manner.

Established in October 2012, the HT Parekh Foundation serves as HDFC's philanthropic arm. It focuses on various areas, including education, healthcare, environment, and supporting individuals with disabilities. Post-merger, the foundation will maintain its independence from the bank and continue its mission.

The HT Parekh Legacy Centre stands as a testament to the vision and dedication of a remarkable individual who transformed HDFC from a small startup to a financial powerhouse with assets under management surpassing Rs 6 lakh crore. With the merger, HDFC is poised to become an Rs 18 lakh crore institution, contributing significantly to the financial sector in India.