Veteran investor Rakesh Jhunjhunwala, in a candid admission, said on Sunday that he has plans to set up a philanthropic foundation with a capital of over Rs 400-500 crore.
He added that he doesn't want to possess more wealth, but rather have the power to give it away by way of charity.
"I have the money, but I do not have the will to spend it. I don't ask God for more wealth, but to give me the power to give it away," Jhunjhunwala said at an event organised by Motilal Oswal Financial Services, the Economic Times reported.
The billionaire investor further noted that he would like to institute a RARE foundation that will be operated by professionals and associate good people with the project.
While Jhunjhunwala did not draw on the area of philanthropy he plans to set up the foundation in, he recently pumped in investments in areas such as healthcare.
The ace investor has an investment portfolio worth around Rs 20,000 crore and generally donates around 25% of his annual income towards charitable work in India.
Jhunjhunwala's portfolio has more than doubled in value over the past 12 months aided by the ongoing bull run in the Indian equity market. He added that he is as bullish on the stock market's outlook as he was in June 2020.
"The fundamental story in India is better than in 1991 and the economy is slowly progressing towards 10 per cent GDP growth in coming years," Jhunjhunwala noted.
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