HCL's Nadar turns philanthropist, doles out crores

In one of the biggest philanthropic initiatives, HCL founder Shiv Nadar o Thursday donated over Rs 580 crore (Rs 5.8 billion) 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 totaled about $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.

Earlier this year, IT services firm Tech Mahindra managing director Vineet Nayyar donated a third of his shares in the company, worth over Rs 30 crore (Rs 300 million), to a Delhi-based charitable organisation run by his wife.

Software czar Azim Premji has also set up his own charitable foundation, which works in the area of elementary education.

One of the godfathers of the Indian IT industry, Narayana Murthy of Infosys, also pours millions into charitable causes.

And it's not only the IT czars, but their wives also are dedicated to the cause.

Sudha Murty, the wife of Murthy, has also been contributing to the society very actively through the Infosys Foundation.

The Forbes' list of Asia Pacific's most generous business personalities this year included Kiran Nadar, Shiv Nadar's wife, and Rohini Nilekani, the wife of IT major Infosys' co-founder Nandan Nilekani.

Rohini has donated $40 million over the years to support causes such as education, microfinance, health care and environment.