Nadar to put Rs 2,500 cr in education
In a steady expansion from his IT-led business empire to the emerging area of education, billionaire Shiv Nadar plans to pump in about Rs 2,500 crore over the next five years to ramp up his existing ventures that include an engineering college, several schools and a private university. Vivek Sinha reports.business Updated: Mar 25, 2013 22:54 IST
In a steady expansion from his IT-led business empire to the emerging area of education, billionaire Shiv Nadar in his role as a philanthropist, plans to pump in about Rs 2,500 crore over the next five years to ramp up his existing ventures that include an engineering college, several schools and a private university.
The fresh round of funding would be made through the Shiv Nadar Foundation, which has already put in close to Rs 2,000 crore to set up several educational institutes across the country.
Nadar did not divulge specific details about investment, and said the funds would go into expansion activities in the form of more schools and an infrastructure upgrade. Nadar has committed 10% of his personal wealth for philanthropic causes such as education. The new investments are a part of this commitment.
"Over the next four-five years we plan to invest around Rs 2,500 crore to expand our educational initiatives in the country," Nadar told HT. He said his aspiration is to turn students into leaders and instill a cross-disciplinary learning process.
Education is not an entirely new endeavour for Nadar. The Shiv Nadar Foundation successfully runs two Vidya Gyan Schools in rural UP, runs management and engineering colleges and in April 2011 set up a research-led multi-disciplinary university at Greater Noida.
In 2011, the Foundation also announced two Shiv Nadar Schools at Gurgaon and Noida respectively. The plan is to open around 25 more Shiv Nadar schools across the country over the next 10 years.
Nadar, who is the chairman of HCL Corporation - the holding company for HCL Technologies and HCL Infosystems - scripted India's software services success story along with Infosys' Narayana Murthy and Wirpo's Azim Premji in the eighties and the nineties. Infosys, Wipro and HCL employ around three lakh computer professionals across the globe.