Shares of Adani group companies gained up to 4% in opening trade on Friday after chairman Gautam Adani on Thursday committed to donate ₹60,000 crore to various charities related to health care, education, and skill development. This is touted to be one of the biggest donations by a business family in India.
“On the year of the centenary birth anniversary of Gautam Adani’s father Shri Shantilal Adani, and Gautam Adani’s own 60th birthday, the Adani Family has committed a donation of ₹60,000 crore to a range of social causes. This corpus will be administered by the Adani Foundation,” says Adani group.
Boosted by the development, Adani Power shares rose 3.7% to hit a high of ₹261.95 in the first hour of trade so far. In a similar trend, Adani Green Energy added 2.5%, while Adani Enterprises and Adani Transmission gained up to 2%. Among others, Adani Ports & SEZ, Adani Total Gas, and Adani Wilmar also climbed up to 2%. In comparision, the BSE Sensex was trading 320 points higher at 52,585 levels.
Gautam Adani, family commit ₹60,000 cr for social causes
Billionaire Gautam Adani, and his family have committed a donation of ₹60,000 crore to a range of social causes to mark the business tycoon's 60th birthday on June 24. The fund, to be administered by the Adani Foundation, will be utilised for healthcare, education, and skill development.
“To utilise the potential of India’s demographic advantage, there is an ever growing need to focus on the areas of healthcare, education, and skill development. The shortfalls in each of these areas are roadblocks for an ‘Atmanirbhar Bharat’,” Adani group said in a release.
As per the release, the Adani Foundation has gained rich experience in working with communities focused on integrated development efforts across all these areas. Addressing these challenges can significantly enhance the competence and competitiveness of our future workforce, it added.
“In addition to being the 100th birth anniversary of my inspiring father, this year also happens to be the year of my 60th birthday and therefore the family decided to contribute ₹60,000 crore towards charitable activities related to healthcare, education, and skill development, especially in the rural regions of our nation,” says Gautam Adani, Chairman, Adani Group.
“At a very fundamental level, programs related to all these three areas should be seen holistically and they collectively form the drivers to build an equitable and future-ready India. Our experience in large project planning and execution and the learnings from the work done by the Adani Foundation will help us uniquely accelerate these programs. This contribution from the Adani Family intends to draw upon some of the brightest minds that have a passion to make a difference in the Adani Foundation’s journey to do more towards fulfilling our ‘Growth with Goodness’ philosophy,” he adds.
On this occasion, Azim Premji, chairman of Azim Premji Foundation and founder chairman of Wipro, says, “Gautam Adani and his family’s commitment towards philanthropy should set an example that we can all try to live Mahatma Gandhi’s principle of Trusteeship of Wealth at the peak of our business success and need not wait for our sunset years”.
He adds, “the challenges and possibilities of our country demand that we work together as one, cutting across all divides of wealth, region, religion, caste, and more. I wish Gautam Adani and his Foundation the very best in this important national endeavor.”
Adani is one of the largest and fastest-growing portfolio of diversified businesses in India with interests in logistics, resources, power generation and distribution, renewable energy, gas and infrastructure, agro, real estate, public transport infrastructure, defence & aerospace, and other sectors.
