On Turning 60, Gautam Adani Pledges $7.7 Billion for Social Causes

Gautam Adani, Asia's richest person, and his family have pledged to donate $7.7 billion (Rs 60,000 crore) to a slew of social causes, to mark his 60th birthday.

The donation will be managed by the Adani Foundation for bolstering health care, education and skill development, Adani told Bloomberg in an interview Thursday.

"This is one the largest transfers made to a foundation in the Indian corporate history," he said, adding that this commitment also honors the birth centenary year of his father, Shantilal Adani.

The tycoon, a first-generation entrepreneur who turns 60 on Friday, joins the ranks of global billionaires like Mark Zuckerberg and Warren Buffett who have committed large parts of their wealth for philanthropy. With a net worth of almost $92 billion, according to the Bloomberg Billionaires Index, Adani has added a little more $15 billion to his wealth this year -- the biggest gainer globally, the index shows.

"We will invite three expert committees in coming months to formalize strategy and decide allocation of funds in these three areas," he said. The committees will have members from the Adani family in supporting roles, he added.

The Adani group, which started off with a small agri-trading firm in 1988, has now spawned into a conglomerate that spans coal trading, mining, logistics, power generation and distribution and more recently, green energy, airports, data centers and cement.