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‘I don’t ask for wealth, but power to give it away’: Jhunjhunwala lays down philanthropy plans

MUMBAI: In a candid admission, one of the most successful stock market investors in India Rakesh Jhunjhunwala has declared ambitions for setting up a philanthropic foundation with a capital of more than Rs 400-500 crore.

“Paisa hai, lekin chhoot ta nahi hai (I have the money, but I do not have the will to spend it). I don’t ask God for more wealth, but to give me the power to give it away,” Jhunjhunwala said at an event organized by

.

Jhunjhunwala said that he would like to set up a RARE Foundation that will be run by professionals and associate good people with the project. While the veteran investor did not outline the area of philanthropy that foundation will indulge, he recently invested in areas such as healthcare.

The billionaire investor has an investment portfolio worth nearly Rs. 20,000 crore and usually donates roughly 25 per cent of his annual income towards philanthropic work in India.

The former trader-turned-investor has seen his portfolio more than double in value over the past 12 months aided by the ongoing bull market in Indian equities. Jhunjhunwala said that he remains as bullish on the prospects of the stock market as he was in June 2020.

“The fundamental story in India is better than in 1991 and the economy is slowly progressing towards 10 per cent GDP growth in coming years,” Jhunjhunwala said.

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