Shiv Nadar donates Rs 580cr towards education

Last Updated: Thursday, June 24, 2010 - 19:58

New Delhi: In one of the biggest
philanthropic initiatives, HCL founder Shiv Nadar today
donated over Rs 580 crore he earned by selling his 2.5 per
cent stake in the company owned by him and his family.

The amount was raised through the sale of a stake of
about 2.5 per cent in software firm HCL Technologies in block
deals through HCL Corporation and will be used for education
initiatives of the Shiv Nadar Foundation.

The amount donated by Nadar is by far bigger than the
standards set by larger firms. Charitable giving in India
probably totaled about USD 7.5 billion (Rs 3,487.12 crore at
an exchange rate of Rs 46.49 per dollar) in 2009, according to
a study by Bain & Co.

Earlier this year, IT services firm Tech Mahindra
Managing Director Vineet Nayyar donated a third of his shares
in the company, worth over Rs 30 crore, to a Delhi-based
charitable organisation run by his wife.

Software czar Azim Premji has also set up his own
charitable foundation, which works in the area of elementary
education.

One of the godfathers of the Indian IT industry, Narayana
Murthy of Infosys, also pours millions into charitable causes.

And its not only the IT czars, but their wives who are
also dedicated to the cause.

Sudha Murty, the wife of Murthy, has also been
contributing to the society very actively through the Infosys
Foundation.

The Forbes` list of Asia Pacific`s most generous business
personalities this year included Kiran Nadar, Shiv Nadar`s
wife, and Rohini Nilekani, the wife of IT major Infosys`
co-founder Nandan Nilekani.

Rohini has donated USD 40 million over the years to
support causes such as education, microfinance, health care
and environment.

PTI



First Published: Thursday, June 24, 2010 - 19:58

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