Billionaire investor RakeshJhunjhunwala, often referred to as India's Warren Buffet for his investmentstrategy, has decided to pledge one-fourth of his wealth for charity - markingyet another common-ground with the legendary American investment guru.
Besides his investment acumen, Buffett is also known for hisphilanthropy and recently asked wealthy Indians to give away part of theirwealth towards charity.
However, Jhunjhunwala said that his decision was personaland might not have anything to do with Buffett's pledge.
"I have made a pledge to myself that I shall donate 25per cent of my wealth in my lifetime. I am already supporting some causes andthe other causes will be known once I start supporting them," Jhunjhunwalasaid.
Asked about his inspiration, Jhunjhunwala attributed hisdecision to the teachings of his late father, who would not have been able tocomplete his BCom degree had it not been for the timely help from his friend.
"My biggest inspirations are the teachings of my latefather. It also arises from the realisation that the giver of wealth is God andhe casts upon us the responsibility that this wealth be used for good socialpurpose," he said.
Recently, he had said that he treats charity as his fourthchild and would want his wealth to be divided equally among all his children.
On whether he was inspired by Buffet, he said, "I amaffected by every human I interact with, but finally it's my own decision and Ihave been inspired more by my late father."Though Jhunjhunwala refused to quantify his net worth, ithas been estimated at over $1 billion in the past in rankings like Forbes RichList. He is said to have started investing with an initial capital of $100.
Jhunjhunwala said, "I feel every Indian should do whattheir conscience and their pocket allow them to do."
He joins the likes of Buffett, Bill Gates and a litany ofmany other westerners and his countrymen like Azim Premji of Wipro, HCL's ShivNadar and GM Rao of the GMR Group.
Nadar has pledged to give 10 per cent of his wealth tocharity, while Premji has transferred 8.7 per cent of his stake to hiseducation-focused charity Azim Premji Foundation.
The GMR Group founder Rao has also pledged 12.5 per cent ofstake in the business to a family-run foundation.
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