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Berkshire Hathaway’s Ajit Jain donates stocks to alma mater IIT-Kgp’s US Foundation

Ajit Jain, who graduated from IIT Kharagpur with a BTech in mechanical engineering in 1972, is president of Berkshire Hathaway’s reinsurance division

education Updated: Jul 16, 2017 17:33 IST
IIT Kharagpur,IIT Kgp,IIT
Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc with Ajit Jain (left), president of the reinsurance division. (Bloomberg via Getty Images)

Ajit Jain of Berkshire Hathaway has donated stocks to alma mater IIT Kharagpur’s (IIT-Kgp) US Foundation. The news was confirmed by Foundation office on July 10, IIT-Kgp said in a statement released on Thursday. No numbers or other details were specified.

Jain, who graduated from the institute with a BTech in mechanical engineering in 1972, moved to the United States. In 1978, where he earned an MBA from Harvard University. After graduation, he held various positions at top tier management consultancy, McKinsey & Co until 1986 when he joined business magnate Warren Buffet’s Berkshire Hathaway.

He is now president of Berkshire Hathaway reinsurance division, leading several other insurance companies housed inside the broader Berkshire Group. Buffett has described him as having the intelligence to rate most risks properly, the realism to forget about those that can’t be evaluated, the courage to write huge policies and the discipline to reject risk when the premium is not appropriate.

Jain has also established the Jain Foundation, the mission of which is to cure limb-girdle muscular dystrophy, which is caused by a certain type of protein deficiency.

The institute, which till now received only monetary donations, has been encouraging donation of stocks and shares through its Foundations.

First Published: Jul 13, 2017 16:56 IST