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Murthy says VC fund for life after retirement
By
SiliconIndia,Monday, 30 November 2009, 18:53 Hrs
Bangalore: Narayana Murthy, Chairman and Chief Mentor of Infosys Technologies, has asserted that he has set up the Catamaran Venture Fund to occupy himself once he retires from Infosys in 2011.
Asked whether he is setting up the fund as a business option once he retires from the company, Murthy said, "Yes, very much. I feel this is the best way to help youngsters and create jobs for the country."
Murthy is set to retire in August 2011 from the Infosys board when he turns 65 and is expected to abdicate the chief mentorship of the company. After 2011, he will continue to be the largest shareholder in the company in his personal capacity, reports Business Standard.
Murthy, who till date has raised around
600 crore by selling part of his as well as his wife Sudha Murthy's stake in the company to support his venture capital interest, qualified his remarks by saying he will not invest in companies which compete with Infosys. Murthy said the fund will start investing from March next year, not only in early-stage companies which require angel funding, but also in late-stage companies.
He has hired an 'anchor' person from the Massachusetts Institute of Technology to help him in this initiative and is setting up a team for this fund.
"We will announce the name of the 'anchor' at the right time, but he is an extremely bright young man," he said. The fund will also invest in companies outside India. To a query whether Sudha Murthy will be active in this fund, Murthy said he could not comment on that.
On being asked if the current Infosys management perceives any threat from Murthy once he retires, Infosys CEO and MD S Gopalakrishnan said, "All of us take our responsibilities very, very seriously, and of all the people, we can rest assured that Murthy will take his responsibilities very, very seriously. We all owe all that we have today to Infosys, and we will make sure that Infosys' interests are protected always."
Asked whether he is setting up the fund as a business option once he retires from the company, Murthy said, "Yes, very much. I feel this is the best way to help youngsters and create jobs for the country."
Murthy is set to retire in August 2011 from the Infosys board when he turns 65 and is expected to abdicate the chief mentorship of the company. After 2011, he will continue to be the largest shareholder in the company in his personal capacity, reports Business Standard.
Murthy, who till date has raised around
600 crore by selling part of his as well as his wife Sudha Murthy's stake in the company to support his venture capital interest, qualified his remarks by saying he will not invest in companies which compete with Infosys. Murthy said the fund will start investing from March next year, not only in early-stage companies which require angel funding, but also in late-stage companies.He has hired an 'anchor' person from the Massachusetts Institute of Technology to help him in this initiative and is setting up a team for this fund.
"We will announce the name of the 'anchor' at the right time, but he is an extremely bright young man," he said. The fund will also invest in companies outside India. To a query whether Sudha Murthy will be active in this fund, Murthy said he could not comment on that.
On being asked if the current Infosys management perceives any threat from Murthy once he retires, Infosys CEO and MD S Gopalakrishnan said, "All of us take our responsibilities very, very seriously, and of all the people, we can rest assured that Murthy will take his responsibilities very, very seriously. We all owe all that we have today to Infosys, and we will make sure that Infosys' interests are protected always."
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Reader's comments (18)
1: Sir
I saw your plans excellent! sir please donot make them public. Your achivements people do not appreciate. Please work in low profile. Build strong in India. Concentrate your efforts to build rural India. generate employment for the rural people. With heavy heart saying I am saying 500 million people in the country have not seen electric lamp in thier house. These are the people who can change destiny of our country. Please make all like minded IT people to contribute to uplift these people in the country. free education to this mass to live is essential
Dr P P Raichurkar
SVKM'S NMIMS University
I saw your plans excellent! sir please donot make them public. Your achivements people do not appreciate. Please work in low profile. Build strong in India. Concentrate your efforts to build rural India. generate employment for the rural people. With heavy heart saying I am saying 500 million people in the country have not seen electric lamp in thier house. These are the people who can change destiny of our country. Please make all like minded IT people to contribute to uplift these people in the country. free education to this mass to live is essential
Dr P P Raichurkar
SVKM'S NMIMS University
Posted by: Dr PPRaichurkar - 04 Dec, 2009
2: nobility, generosity is not limited to those
creating great stuff - it can be demonstrated
even by desi IT czars too.
Posted by: ramu - 01 Dec, 2009
3: Father of Current Indian Economic De
stabilizers, Such an money minded person who
makes civil,mechanical, BSc BCom, BBA
students to get in to IT. Doesn't know the
value of real computer engineers. Do you all
think he's much worried about India and its
growth, its all humbug, US, euro markets
outsource the projects cause its lower cost.
But these guys get all things done with these
low profile employees cause they can pay much
less and to make more profit.
Posted by: Muthukkumaran - 01 Dec, 2009
4:so what if a BBA,BSc,BCom guy get a work in
IT company. do you mean to say it should be
purely reserved for engineers only. End of
the day people need job and infosys is doing
that one. People are least bothered about how
much margin infy is making from the
projetcts. lets not forget 100 seats office
creates employment for another 200 dependent
business people.
shirpad replied to: Muthukkumaran
post - 01 Dec, 2009
post - 01 Dec, 2009
5:Enga thalaya thappa pesura.
guru replied to: Muthukkumaran
post - 01 Dec, 2009
post - 01 Dec, 2009
6:I accept your view, i would appreciate if its
explained in a better manner.
vidhya replied to: Muthukkumaran
post - 01 Dec, 2009
post - 01 Dec, 2009
7:i appreciate ur guts man..
bharath replied to: Muthukkumaran
post - 01 Dec, 2009
post - 01 Dec, 2009
8: I only wish and pray that the standard of
Infosys doesn't its retirement along with
Mr.Murthy. what i personally feel or rater
fear is that even after Mr.Murthy's
retirement Infosys should be one of the most
respected companies.
share value shouldn't fall becouse of his retirement.
Sir,I really admire you in all aspects. However, request you to be an integral part of Infosys forever.
Please create another Narayana Murthy within your team to keep up its standards.
Wish you all the very best :-)
Sherry Murphy
share value shouldn't fall becouse of his retirement.
Sir,I really admire you in all aspects. However, request you to be an integral part of Infosys forever.
Please create another Narayana Murthy within your team to keep up its standards.
Wish you all the very best :-)
Sherry Murphy
Posted by: Sherry Murphy - 01 Dec, 2009
9: why doesn't he take up spiritual life..He has
achieved so much..Best thing is to sell
everything and settle in some holy place and
improve his spirituality...
Any way as he is Old death can come at any time it is better before death he tries to remember Sri Vishnu bhagawan
Any way as he is Old death can come at any time it is better before death he tries to remember Sri Vishnu bhagawan
Posted by: surya - 30 Nov, 2009
10:Because "Helping hands are better than
praying Lips". If he takes up spirituality he
will not be contributing to the society but
to himself. People like Mother Theresa and
Swamy Vivekananda never confined themselves
to spirituality. It is surprising to find
such a comment. It is a great idea and few
will think like this. May be even Ratan Tata
should take up such initiative to take India
forward at an accelerated speed
aasha replied to: surya
post - 07 Dec, 2009
post - 07 Dec, 2009
11:Sri Vishnu Bhagvan has influenced the
conciousness of Narayan Murthy to become a
VC, because such prudent VCs will then fund
the budding ideas of the young researchers
and help them set up some great technological
firms. If he funds in India as well, then it
will help sustain the IT growth in the
country. This is similar to what Bhagvan
Vishnu does. Bhagvan Narayan sustains the
universe and now Narayan Murthy will help in
sustaining the IT growth in the country.
prashanth replied to: surya
post - 01 Dec, 2009
post - 01 Dec, 2009
12:Surya! After achieving a lot, He still chose
to help the budding entrepreneurs means that,
he is still attached to the worldly things.
People with attachment to worldly things can
not chose spiritual life.
Iamthespirit replied to: surya
post - 01 Dec, 2009
post - 01 Dec, 2009
13: I congratulate Infosys for creating The
Infosys Science Foundation which has named
three top Indian scientists and two academic
experts as winners of its prestigious Infosys
Prize 2009 for outstanding contributions to
scientific research in four disciplines.
Research in Basic sciences is the need of the hour.
Just as Bill Gates created funds for AIDS project, Mr.Narayana Murthy will be doing service to the Nation by creating an” INNOVATION FUND" especially for rural Innovators. Innovation, Invention and Creativity are the pillars of development of any country.
Other corporate houses like TCS,Wipro, HCL,Reliance,Mahindra etc., can also create an”INNOVATIVE FUND” to encourage Innovators in the country. Though there are Government Programmes from NRDC, National Innovation Foundation, TePP(DSIR) etc., their impact is meager.
It is hoped Corporate Houses will realize and reflect their Social Responsibility which they often talk.
Dr.A.Jagadeesh Nellore (AP)
Research in Basic sciences is the need of the hour.
Just as Bill Gates created funds for AIDS project, Mr.Narayana Murthy will be doing service to the Nation by creating an” INNOVATION FUND" especially for rural Innovators. Innovation, Invention and Creativity are the pillars of development of any country.
Other corporate houses like TCS,Wipro, HCL,Reliance,Mahindra etc., can also create an”INNOVATIVE FUND” to encourage Innovators in the country. Though there are Government Programmes from NRDC, National Innovation Foundation, TePP(DSIR) etc., their impact is meager.
It is hoped Corporate Houses will realize and reflect their Social Responsibility which they often talk.
Dr.A.Jagadeesh Nellore (AP)
Posted by: Dr.A.Jagadeesh - 30 Nov, 2009
14: ofcours Murthy will continue to be an
integral part of Infosys even after
retirement. I envisage him as an adviser once
he retires. Its sad that he will have to
retire.
Posted by: jennifer - 30 Nov, 2009
15:why doesn't he take up spiritual life..He has
achieved so much..Best thing is to sell
everything and settle in some holy place and
improve his spirituality...
Any way as he is Old death can come at any time it is better before death he tries to remember Sri Vishnu bhagawan
Any way as he is Old death can come at any time it is better before death he tries to remember Sri Vishnu bhagawan
sri surya replied to: jennifer
post - 30 Nov, 2009
post - 30 Nov, 2009
16:I appreciate Mr Murthy will continue to be an
integrated part of infosys after
retirement,as he is an advisor and if the
company failure to use his services it is a
great loss to infosys according to me.
Thirumurugan replied to: jennifer
post - 30 Nov, 2009
post - 30 Nov, 2009
17:Its great that after retirement Murthy will
be investing his funds in other companies, i
request mr Murthy to invest in various
industry sector, means not only in IT and
ITES but the core indian sector of
agriculture, Manufacturing and Banking, i
also wish to have a bank name on Infosys or
Mr murty, well ! all my best wishes to Mr
murthy........
Rakesh Alane replied to: jennifer
post - 30 Nov, 2009
post - 30 Nov, 2009
18: The matter is not of his investing. he has
money, he can invest. but from Country's
perception really it does not make much sense
if his investment does not impact country
directly/indirectly
Saurabh replied to: Rakesh Alane
post - 01 Dec, 2009
post - 01 Dec, 2009
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