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Bharti Family pledges Rs 7,000 crore to Bharti Foundation

Bharti Family will donate about Rs 7,000 crore to Bharti Foundation by transferring 10 per cent of their wealth including 3 per cent of their stake in group flagship Bharti Airtel, which will be used

Published: 24th November 2017 08:59 AM  |   Last Updated: 24th November 2017 08:59 AM   |  A+A-

Bharti Enterprises founder and chairman Sunil Mittal (M) with Vice Chairman Rajan Bharti Mittal (L) and Rakesh Bharti Mittal (R) after a media roundtable for an announcement regarding an educational project in New Delhi on Thursday | PTI

By Express News Service

NEW DELHI: Bharti Family will donate about Rs 7,000 crore to Bharti Foundation by transferring 10 per cent of their wealth including 3 per cent of their stake in group flagship Bharti Airtel, which will be used to set up Satya Bharti University, to offer free education to deserving youth from economically weaker sections of society.

“Just 30 days back, when I turned 60, my mother and our children and grandchildren were discussing about the Foundation’s future. We were pleasantly surprised, when our children told us to transfer the 10 per cent of the family wealth, which we had parked in children’s trust, to the Bharti Foundation,” said Sunil Bharti Mittal, founder and chairman Bharti Enterprises accompanied by brothers Rakesh Mittal and Rajan Mittal, vice-chairman of Bharti Enterprises.

Bharti Foundation is the group’s philanthropic arm. The legal and other logistics are being worked out by EY and AGB is advising the Group.

The university will be a non-profit centre of excellence and will offer free education to a large number of deserving youth from economically weaker sections. “We could have done this earlier. Giving in India is still tough and needs policy changes and tax structure... And, that puts pressures and hope they will be resolved,” said Mittal.

Satya Bharti University for Science and Technology will be built on 100 acres either in Haryana or Punjab and will complement Foundation’s existing programs in the area of education.

The University will have a strong focus on future technologies like artificial intelligence, robotics, AR/VR, Internet of Things, in addition to offering degrees in electrical & electronics engineering and management.  It intends to add leading global industry partners -- Facebook, Google, Apple, Microsoft and SoftBank, among others. “I’ve spoken to them and they are in the game. The modalities and their participation levels will be worked out soon,” said Mittal.

Currently, the Foundation is led by a full-time CEO and chief operating officer. Over 200 professionals and about 8,000 teachers are working with about 240,000 underprivileged children in rural India.

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