Indian Entrepreneurs Who Have Made Multi Million Dollar Gifts To Business Schools

Entrepreneurs around the world can be seen as being involved in philanthropic initiatives. Looking at it as their chance to give back to society, a number of entrepreneurs undertake philanthropic work in various forms, be it through social work, donations, or educational endeavors. 

Here below, we take a look at some Indian entrepreneurs who have made multimillion-dollar gifts to business schools and prestigious universities around the world. 

Indra Nooyi Deanship at Yale SOM

Indra Nooyi, former PepsiCo CEO and Yale SOM alumna, made a landmark gift to her alma mater in 2016 to endow the deanship of the school and inaugurate the Fifth Decade Innovation Fund. The amount, which remains unclosed to this date, made Nooyi the biggest donor in the history of the business school, as well as the only woman to endow the deanship at a top business school.

Talking about the gift, Nooyi said: “My experience at the Yale School of Management forever altered the course of my life.  My gift to this wonderful institution pales in comparison with the gift that Yale gave me—the fundamental understanding that leadership requires an expansive worldview and a deep appreciation of the many points of intersection between business and society.“

Nooyi has previously made substantial contributions to the construction of Edward P. Evans Hall, including gifts to name the Nooyi Classroom and the Isaacson Classroom in memory of Professor Larry Isaacson.

Reliance Industries’ Fellowship for Indian MBA Students at Stanford GSB

Reliance Industries, in partnership with Stanford Graduate School of Business, announced the creation of the Reliance Dhirubhai India Education Fund in support of promising Indian students with financial need in obtaining an MBA at Stanford. Established in 2008, the fellowship can award up to five Reliance Dhirubhai Fellowships annually. An important feature of the fellowship is that, after graduation from the MBA program, the Reliance Dhirubhai Fellows are bound to return to India for a minimum of two years of employment in the private or public sector.

At the time of announcing the scholarship, Mukesh Ambani, chairman and managing director of Reliance Industries Limited, as well as a member of Stanford Business School’s Advisory Council said:

“With India now a truly globalized and rapidly growing economy, good management talent developed at both India’s top universities and at institutions abroad will be essential to supporting future innovation and growth. I am honored to help India’s next generation of leaders attend Stanford Business School, an academic institution with an international reputation for innovation, diversity of student experience, and the highest quality of faculty and students from around the world.“

Tata Group’s Gift To Harvard Business School

Ratan Tata, former chairman of Tata Sons Ltd., presented Harvard Business School with a gift of $50 million in 2010 from Tata Group’s philanthropic entities, the Sir Dorabji Tata Trust, and the Tata Education and Development Trust. The gift was the largest from an international donor in the school’s 102-year-history, and was used to fund a new academic and residential building at HBS for participants in the School’s broad portfolio of Executive Education programs called the Tata Hall.

Speaking about the donation, Tata said:

“I owe a great deal to Harvard Business School, and it’s a pleasure and a privilege to be able to give back a little bit of what it gave to me. HBS is the preeminent place to learn about the world’s most innovative companies and to be exposed to the world’s best thinking on management and leadership. By supporting the Harvard Business School’s educational mission, this gift will help the next generation of global business leaders solve management challenges that affect the lives of billions of people.”

Naveen Jindal’s $30 million joint gift to UT Dallas School of Management

Chairman of Jindal Steel and Power Limited and an alumnus of the University of Texas at Dallas, Naveen Jindal along with with fellow alumni, Charles and Nancy Davidson made a joint gift of $30 million to the School of Management in 2011, which also led to the University renaming the business school to Naveen Jindal School of Management.

Talking about his generous donation to the business school, Jindal said:

“It’s very important to build institutions of higher learning. My vision and desire is that the [Jindal] School of Management becomes the school of choice for some of the brightest and best individuals who will truly lead us into the next generation, leaders who will truly embrace the global vision [and] balance the needs of the people with the environment in an ethical and sustainable manner.”

Wharton named auditorium to honor Dhirubai Ambani

The Wharton School dedicated their state-of-the-art auditorium inside Jon M. Huntsman Hall to The Dhirubhai Ambani Auditorium in 2007. Dhirubhai Ambani was awarded the prestigious Dean’s Medal from the Wharton School in recognition for his work as chairman of Reliance Industries Limited in 1998. Ambani’s younger son, Anil Ambani, who’s also a Wharton School alumnus and a former Wharton Overseer, gave the school a multimillion dollar gift, which led to Wharton honoring his father by naming the venue.

Aditya Birla Group Gifts $15 million to London Business School for BK Birla Scholarship

Chairman of the Aditya Birla Group, and an alumnus of LBS, Kumar Manglam Birla gifted $15 million in July 2019 to his alma mater for an endowed scholarship program that would support the education of 10 full-time MBA candidates every year, including five students from India.

Honoring the legacy of his grandfather with the BK Birla Scholars Programme, Kumar Birla said: 

“I am extremely proud to honour my grandfather’s legacy and create something enduring through this landmark global scholars programme at LBS. Through this programme, we look to build a diverse and vibrant community of next generation leaders who are committed to the ideals of integrity, dedication and service to humanity. The very values epitomised by my grandfather.”

Tata Innovation Center Makes a $50 million investment in Cornell Tech

Tata Consultancy Services announced a $50 million investment in Cornell Tech in 2017, which included a significant gift for the first phase of capital development on the Roosevelt Island campus, as well as support for collaborating on technology research. Cornell Tech, as an acknowledgement for the gift, inaugurated the Tata Innovation Center on Roosevelt Island.

Natarajan Chandrasekharan, Chairman of the Tata Group, said:

“The Tata Innovation Center will drive applied research and collaboration between Cornell, industry and the startup ecosystem in emerging areas including human machine interaction and cyber security, benefitting both US business and local communities.”

When it comes to donating to prestigious universities, Indian entrepreneurs aren’t just restricting themselves to just business schools, but also to various other institutions within those universities.

Murthy Family Gifts $2.5 million to Harvard University to establish Murthy Classical Library of India

The Murthy family donated $5.2 million to Harvard University in 2010 to establish the Murthy Classical Library of India with Harvard University and Harvard University Press. The endeavour will allow to bring the classical literature of India to a global audience. With a lot of work that was only available in its original language initially, the move also allowed the making of many works available in English for the first time and showcasing the contributions of Indian literature to world civilization.

Narayan Murthy, talking about the gift, said, “I am happy that Harvard University Press is anchoring this publishing project.”, while his wife, Sudha Murthy, added “We are happy to participate in this exciting project of bringing the rich literary heritage of India to far corners of the world.”

Laxmi Mittal’s $25 million donation to Harvard University

Arcelor Mittal’s Chairman and CEO Laxmi Mittal donated $25 million to Harvard University in 2017 to increase engagement with South Asia, including India. The donation was used to establish an endowed fund or the South Asia Institute at the university, called the Lakshmi Mittal South Asia Institute at Harvard University.

Speaking to the Harvard Gazette about the donation, Mittal said:

“The long-term prosperity of India and its neighbouring countries matters a great deal to me and my family. Harvard is one of the world’s greatest learning institutions, with a unique ability to facilitate dialogue and drive thinking and progress.”

Anand Mahindra Gives $10 million to Harvard University for Humanities Center

Anand Mahindra, chairman of Mahindra Group gifted $10 million in 2010 to Harvard University to support the Humanities Center. The gift, which was the largest in the study of humanities in Harvard’s history, was dedicated to Mahindra’s mother Indira Mahindra, and Harvard renamed the center to the Mahindra Humanities Center at Harvard.

Speaking about the gift, Mahindra said:

“I am happy to be able to contribute to the cause of the humanities. To address complex problems in an interdependent world, it is vital to encourage the cross-cultural and interdisciplinary exchange of ideas in an international setting. I am proud to be part of the intellectual legacy of India’s contribution to global thinking across the arts, culture, science, and philosophy.”