The Bharti family on Thursday said it had decided to pledge 10 per cent of its wealth to philanthropy, including 3 per per cent of its stake in flagship company Bharti Airtel.
The commitment, which translates to a sum of Rs. 7,000 crore, is to be invested in the Bharti Foundation, the group’s philanthropic arm.
With this, the family hopes to significantly step up the scope and reach of the Bharti Foundation’s activities, and enable it to develop and execute innovative development models to support the underprivileged, including students of its Satya Bharti schools.
“Being first-generation entrepreneurs, we feel absolutely privileged that this nation gave us the opportunity to imagine and build world-class businesses. Bharti’s DNA has always been about creating a deep positive impact on society through our businesses,” Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises, and Chairman, Bharti Foundation, said.
The Foundation also announced plans to set up a Satya Bharti University for Science and Technology to complement its existing programmes in the field of education.
The university will have a strong focus on future technologies, such as artificial intelligence, robotics, internet of things, augmented reality and virtual reality, in addition to offering degrees in Electrical and Electronics Engineering and Management.
It will be a non-profit centre of excellence and offer free education to a large number of deserving youth from economically weaker sections.
The university will also promote and fund advanced research with global linkages. It intends to join hands with leading companies such as Facebook, Google, Apple, Microsoft and SoftBank, among others, Mittal said.