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Bharti Foundation Donates 10% Of Family Wealth To The Giving Pledge Initiative
The Bharti Family, led by industrialist, Sunil Mittal Bharti, announced early today, it would pledge 10% of its wealth (approximately Rs. 7000 crores,) including their 3% stake in the Bharti Group flagship, Bharti Airtel, towards Bharti Foundations, the charitable arm of the organization.
With this move, the Bharti Foundation plans on significantly increasing the scope and reach of the Foundation, thereby giving the Group a wider berth for growth. Further, the Foundation plans on increasing innovative development models to support aspirations of India’s underprivileged, including the students of Satya Bharti Schools.
The Foundation works with around 2,40,000 underprivileged children in an attempt to increase the level of education provided to them. The company, in a statement, said the Satya Bharti University for Science and Technology would have a strong focus on future technologies like Artificial Intelligence, Robotics, Augmented Reality, Virtual Reality and Internet of Things, in addition to offering degrees in Electrical and Electronics Engineering and Management.
This pledge by the Bharti family is yet another example of billionaires extending into philanthropy. Infosys Chairman Nandan Nilekani recently signed the Giving Pledge Initiative sponsored by Warren Buffett and Bill Gates, which is an invitation to the world’s wealthiest to donate a majority of their wealth to charity.
The only other Indians to have signed the Giving Pledge Initiative are Wipro Chairman Azim Premji, Biocon MD Kiran Mazumdar Shaw and P.N.C. Menon of Sobha Developers. The Bharti family draws a strong influence from Mahatma Gandhi’s way of life and this move reaffirms that very fact. The Bharti Foundation helped establish the Bharti School of Telecommunication Technology and Management at IIT Delhi, Bharti Centre for Communication at IIT Mumbai and Bharti Institute of Public Policy at ISB Mohali.
Global taxi hailing startup Uber’s co founder Garrett Camp announced he’s also joining the Giving Pledge to donate at least half of their fortune to philanthropic causes. In a blog post, Camp added, “I’ve now spent 15 years focused mostly on startups and while I’m still passionate about creating useful products, I also realized I shouldn’t wait to start giving back.”
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