Bharti family commits Rs 7,000 crore to philanthropy

Updated: Nov 24, 2017, 19:08 IST | Agencies

Telecom czar and chairman of India's largest mobile company Airtel, Sunil Mittal, yesterday said the Bharti family has pledged about R7,000 crore to philanthropy and will open a new university to offer free education to meritorious but underprivilege

Telecom czar and chairman of India's largest mobile company Airtel, Sunil Mittal, yesterday said the Bharti family has pledged about Rs.7,000 crore to philanthropy and will open a new university to offer free education to meritorious but underprivileged students.The Bharti family's commitment to give away 10 per cent of their personal wealth, also includes three per cent of their stake in telecom firm Bharti Airtel.The pledged amount, totalling R7,000 crore would mostly go into setting up of a new technology-oriented university in North India, while some part of it would also be used to expand the existing Satya Bharti School Programme - Bharti Foundation's flagship initiative.

Bharti Enterprises founder and chairman Sunil Mittal with Vice Chairman Rajan Bharti Mittal and Rakesh Bharti Mittal after the announcement in New Delhi. Pic/PTI
Bharti Enterprises founder and chairman Sunil Mittal with Vice Chairman Rajan Bharti Mittal and Rakesh Bharti Mittal after the announcement in New Delhi. Pic/PTI

"We are not in this for business," said Sunil Mittal, who was flanked by his brothers Rakesh and Rajan at a conference to announce the family's philanthropic plans.The proposed university will come up on a 100-acre land and "active discussions" are on with various states including Punjab and Haryana to finalise the location.Mittal said he expected the ground breaking ceremony to take place early next year and the first academic session would commence by 2021."About 10 per cent of our family wealth is being earmarked and pledged to Bharti Foundation, the Group's philanthropic arm. There are certain structuring and restructuring that are right now being undertaken by lawyers and accountants (in this regard)," Mittal said.The setting up of the university will require R1,000 crore initially and a "large amount" will be needed to run it thereafter, he noted.

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