Considered as ‘Warren Buffet’ of India, Rakesh Jhunjhunwala and his guru Radhakishan ‘RK’ Damani will join the board of Ashoka University, Sonipat district, Haryana.
Ashoka University had great placements this year and the top investor will join its board.
Moreover, as per plan, and to the knowledge of everyone, both will put at least Rs 10 crore to the university.
As described by Vineet Gupta, founder and trustee, the joint contribution will be more than Rupees 10 crore but the exact amount is yet not been known. The range in which the contribution will lie is known and it is surely not the range of founder or trustee. The focus is more on the further discussions with them rather than the amount and yet the exact amount for contribution is awaited.
Damani is the one who has survived more than one capital market bust and also set up the D-Mart retail chain. Interestingly, as per reports, the retail chain earns revenues of Rs 4500 crores whereas Jhunjhunwala, whose net worth is more than $1 billion, handles his own portfolio as a partner in his asset management firm Rare Enterprises
As per norms, those who invest more than 10 crores are included in the trustee. Some prominent trustees include Sanjeev Bikhchandani, founder of naukri.com; Vineet Gupta, MD, Jamboree Education; Puneet Dalmia, managing director, Dalmia Cements; Ashish Dhawan, founder, Central Square Foundation; and Jerry Rao, founder, MPhasis. Out of the 40 founders of Ashoka University, 14 are part of the board of trustees.