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GMR founder pledges $340 Million for "Giving pledge"
By siliconindia
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Friday, 25 March 2011, 22:46 IST |
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1,540 crore ($340 million) for humanitarian activities. Rajesh Mehta of jewellery firm Rajesh Exports said that he would donate about 5 percent of his company earnings into charity. South-based Shriram group's founder chairman, R Thiagarajan who is an admirer of Warren Buffett and Bill Gates, said that he is insisting all his 32 group partners of the Shriram group to contribute for philanthropic work.
The fund donated by Rao is actually equal to Rao's personal share in the entire business. The total family wealth which is estimated in GMR infra is 71 percent. This amounts to 389 crore shares which is the total share capital. Out of this, 276 crore shares is the family's share capital.
Business magazine Forbes estimates Rao's net worth to be around $2.6 billion. In comparison, Gates has a net worth of $56 billion while Buffett is worth $50 billion.
Rao's foundation called the GMR Varalakshmi Foundation is present in about 22 locations across India and abroad. It caters to the education and vocational training for the underprivileged. The fund which is donated will be used periodically depending on the activities of the foundation.
The foundation which was started for education and social awareness has slowing grown to adopt activities for community development as well. The foundation also aims to channelise youth towards entrepreneurship in future.
Other billionaires like Kiran Mazumdar Shaw, CMD of Biocon said that she has plans to setup a cancer insurance fund. She also plans to keep herself dedicated to philanthropy particularly by creating affordable healthcare models for the underprivileged.