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
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