Philanthropy only when issues of 'connectivity' addressed: Kalpana Morparia, CEO, JP Morgan - 24 Feb, 2011, 10.15AM IST,ET Bureau
The innate strengths and accomplishments of two mercurial individuals — James ‘Jamie’ Dimon, chairman and CEO of JP Morgan Chase & Co and Sunil Mittal, chairman and Group CEO of Bharti Enterprises — helped Kalpana Morparia take two critical decisions in the past few years. Decisions that have changed her life, qualitatively.
The first one is professional, relating to her job and career, and the other, something deeply personal, a promise she made her mother, before she died four years ago. Instead of fading away into retirement, Kalpana bounced back into high finance as CEO of JP Morgan India , after three decades with ICICI Bank . ‘Leading Ladies’, a recent book on women achievers, describes her deep admiration for Jamie and his ‘commonsensical’ approach to managing. His unique, bereftof-social-graces style, perhaps propelled her to take the new assignment.
The high priest of finance once made a cold customer call to Kalpana, soliciting business, when she was raising $5 billion for ICICI. As with Jamie, a couple of months ago, Kalpana placed her trust in Sunil Mittal. She wrote out a cheque for 1.5 crore of her own money to the Bharti Foundation to support the construction and running of a school near Rewari in Haryana. “The scale impressed me, and the rural reach,” says Kalpana. “And Mittal’s approach to scaling is known and proven.” The Foundation already covers over 30,000 students and hopes to reach 200,000.
Kalpana’s mother, who barely studied up to class V, but who valued education and the need for women to be independent, wanted her daughter to do something for the girl child, for education. Consequently, Kalpana tried her hand with the usual scholarships regimen and also supported SOS Children’s Village. She had also done her charity bit, like many celebrities and high net-worth individuals; running the Mumbai marathon, raising money for several causes, but a sense of satisfaction , or fulfillment eluded her.
The ephemeral nature of her giving dismayed her and the promise she made ‘kept ringing’ in her mind. Kalpana sought something sustaining, more permanent, till she came across an article on Satya Bharti schools of the Bharti Foundation in The Economic Times. She was so excited she didn’t even consult her friend and former colleague Nachiket Mor who often advised her on such issues. She immediately made her way to Delhi and onwards to Rewari to see for herself how the Satya Bharti schools were run.
“I even sat in a maths class,” she says, and was bowled over by the teaching methods adopted by the school. “The emphasis is on intuitive learning.” She knew she had found what she wanted when she finally sat down with the children to partake the mid-day meal of rotis, vegetables, and protein-rich chawli. “The Foundation even consults nutritionists,” she says. Kalpana’s first brush with substantive philanthropy has apparently given her a new high.
“I want to do more,” she whispers, without revealing her giving plans for the future. Kalpana is certain that India is perched at the threshold of big-ticket giving and that many in her mould will take to philanthropy once issues of ‘connectivity’ are addressed. There is a deep gulf between those who want to give and causes starved of resources. The need for mechanisms, platforms, that enable high net- worth individuals to participate in, touch, feel, and savour the wondrous experience of giving is critical. Cheque writing is passe. Giving the whole self to a cause — money, time, expertise — that fosters a sense of comity is what matters.
Philosophy
The newcomer to high-impact giving has embarked on a long journey. She believes more people will begin to emulate the new role models — Azim Premji , Sunil Mittal and Shiv Nadar.
Inspiration
James ‘Jamie’ Dimon, chairman and CEO of JP Morgan Chase & Co, and Sunil Mittal, chairman and Group CEO of Bharti Enterprises.
The Trigger
A promise to her mother, to do something for the education of girls, and an article in ET on Satya Bharti schools of the Bharti Foundation.
The Work
Wrote out a cheque for 1.5 crore to the Bharti Foundation to support the construction and running of a school near Rewari in Haryana.
Refer: http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/philanthropy-only-when-issues-of-connectivity-addressed-kalpana-morparia-ceo-jp-morgan/articleshow/7560766.cms
Saturday, February 26, 2011
New wealth finds its way to nation building: Nirav Modi, Chairman, Firestone Diamond -24 Feb, 2011, 10.33AM IST,ET Bureau
Nirav Modi
‘Burden of wealth.’ Incredible it may seem, but it’s agitating the mind of 39-year-old Nirav Modi of Firestone Diamond. “Wealth is not a gift you pass on to family,” he insists, “It’s a burden.”
For long, he grappled with questions: Will I rob my children of deep, character-building life experiences if they are secure in the knowledge that all this wealth of mine is theirs? Can they cope; can they experience life to its fullest with this ‘burden’?
Nirav, unlike the quintessential, doting parent, ‘doesn’t want the best for his children,’ if it’s going to mar their growth, their ability to take life as it unfolds. What he will give his children, of course, is a good education, that's about all. He doesn’t even expect them to continue after him in the diamond business. “If my son wants to be a music conductor, so be it,” he says.
“I don’t want wealth to come in the way.” And he has been preparing his children thus, gently altering attitudes, sensitising them to the real world outside, although sections of his family don’t approve of his ways. When Mumbai was reeling under floods some years ago, he took his son to the slums near Kalina to witness how the poor were coping. He was amazed by the positive attitude of the people he interacted with. His messianic zeal is taking effect.
“Last year was a proud moment for me,” he recalls. His 10-year-old son, on his own, invited kids from an orphanage for a cricket match, instead of celebrating it the usual way. Nirav, who has, within a decade built a ‘rough to retail’ diamond business, spanning many countries, with turnover exceeding 1,500 crore, is beginning to give away his wealth; to gifted, under-privileged children.
The Nirav Modi Foundation, established in 2008, is scouring municipal and other schools, looking for roughs; cherry picking talent with the potential to outshine and outperform the rest. He will do the polishing and mentoring — seeing them through college and meeting all their financial and material needs, ‘until they secure their future, financially and socially.’
Thirty-two students are now the maiden Paramonnati scholars. Every year, Nirav will increase the numbers. How many can he support? “There is no limit; I haven't set a target, and money is not an issue,” says Nirav, indicating he will do whatever it takes.
“The outcomes will be seen only after 15 years from now,” he says, pointing to the long-term nature of the initiative. He would like his boys and girls, many from the chawls and slums of Mumbai, to unshackle the burden of poverty, flower, and contribute to the nation-building process. Nirav’s giving, in a way, stems from his deep gratitude to India and a patriotic mien that grew over the years. His family, in the diamond business, is from Belgium , and Nirav grew with all the luxuries one could aspire for.
Unfortunately, the family went through some financial turbulence, and Nirav had to abandon his undergraduate course at Wharton, move to India and apprentice at an uncle’s diamond firm in 1990, on a salary of 3,000. He experienced the throes and pangs of a country on the development curve right here in India, where he also eventually made his wealth. Nirav still struggles with Hindi but has made a lasting connect with his countrymen.
Philosophy
Wealth is not a gift you pass on to family, but a burden, believes Nirav Modi. New wealth, he is sure, will not be frittered away in conspicuous consumption but will find its way to nation-building .
Inspiration
Nirav’s giving stems from his deep gratitude to India and a patriotic mien that grew over the years.
The Trigger
A financial crunch which forced him to give up his undergraduate course at Wharton, move to India, and apprentice at an uncle’s diamond firm in 1990, on a salary of 3,000.
The Work
The Nirav Modi Foundation identifies talent from schools and sees them through college. Thirty two students are now maiden Paramonnati scholars. Every year, Nirav will increase the numbers.
REfer:http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/new-wealth-finds-its-way-to-nation-building-nirav-modi-chairman-firestone-diamond/articleshow/7560841.cms
‘Burden of wealth.’ Incredible it may seem, but it’s agitating the mind of 39-year-old Nirav Modi of Firestone Diamond. “Wealth is not a gift you pass on to family,” he insists, “It’s a burden.”
For long, he grappled with questions: Will I rob my children of deep, character-building life experiences if they are secure in the knowledge that all this wealth of mine is theirs? Can they cope; can they experience life to its fullest with this ‘burden’?
Nirav, unlike the quintessential, doting parent, ‘doesn’t want the best for his children,’ if it’s going to mar their growth, their ability to take life as it unfolds. What he will give his children, of course, is a good education, that's about all. He doesn’t even expect them to continue after him in the diamond business. “If my son wants to be a music conductor, so be it,” he says.
“I don’t want wealth to come in the way.” And he has been preparing his children thus, gently altering attitudes, sensitising them to the real world outside, although sections of his family don’t approve of his ways. When Mumbai was reeling under floods some years ago, he took his son to the slums near Kalina to witness how the poor were coping. He was amazed by the positive attitude of the people he interacted with. His messianic zeal is taking effect.
“Last year was a proud moment for me,” he recalls. His 10-year-old son, on his own, invited kids from an orphanage for a cricket match, instead of celebrating it the usual way. Nirav, who has, within a decade built a ‘rough to retail’ diamond business, spanning many countries, with turnover exceeding 1,500 crore, is beginning to give away his wealth; to gifted, under-privileged children.
The Nirav Modi Foundation, established in 2008, is scouring municipal and other schools, looking for roughs; cherry picking talent with the potential to outshine and outperform the rest. He will do the polishing and mentoring — seeing them through college and meeting all their financial and material needs, ‘until they secure their future, financially and socially.’
Thirty-two students are now the maiden Paramonnati scholars. Every year, Nirav will increase the numbers. How many can he support? “There is no limit; I haven't set a target, and money is not an issue,” says Nirav, indicating he will do whatever it takes.
“The outcomes will be seen only after 15 years from now,” he says, pointing to the long-term nature of the initiative. He would like his boys and girls, many from the chawls and slums of Mumbai, to unshackle the burden of poverty, flower, and contribute to the nation-building process. Nirav’s giving, in a way, stems from his deep gratitude to India and a patriotic mien that grew over the years. His family, in the diamond business, is from Belgium , and Nirav grew with all the luxuries one could aspire for.
Unfortunately, the family went through some financial turbulence, and Nirav had to abandon his undergraduate course at Wharton, move to India and apprentice at an uncle’s diamond firm in 1990, on a salary of 3,000. He experienced the throes and pangs of a country on the development curve right here in India, where he also eventually made his wealth. Nirav still struggles with Hindi but has made a lasting connect with his countrymen.
Philosophy
Wealth is not a gift you pass on to family, but a burden, believes Nirav Modi. New wealth, he is sure, will not be frittered away in conspicuous consumption but will find its way to nation-building .
Inspiration
Nirav’s giving stems from his deep gratitude to India and a patriotic mien that grew over the years.
The Trigger
A financial crunch which forced him to give up his undergraduate course at Wharton, move to India, and apprentice at an uncle’s diamond firm in 1990, on a salary of 3,000.
The Work
The Nirav Modi Foundation identifies talent from schools and sees them through college. Thirty two students are now maiden Paramonnati scholars. Every year, Nirav will increase the numbers.
REfer:http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/new-wealth-finds-its-way-to-nation-building-nirav-modi-chairman-firestone-diamond/articleshow/7560841.cms
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