In one of the biggest philanthropic initiatives, HCL founder Shiv Nadar today donated over Rs 580 crore he earned by selling his 2.5 per cent stake in the company owned by him and his family. The amount was raised through the sale of a stake of about 2.5 per cent in software firm HCL Technologies in block deals through HCL Corporation and will be used for education initiatives of the Shiv Nadar Foundation.
The amount donated by Nadar is by far bigger than the standards set by larger firms. Charitable giving in India probably totaled about USD 7.5 billion (Rs 3,487.12 crore at an exchange rate of Rs 46.49 per dollar) in 2009, according to a study by Bain & Co.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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