The Mindtree co-founders who donated Rs 425 Crore to IISC’s Hospital Project
The announcement of philanthropic donation of Rs. 425 crore ($56 million) by Indian entrepreneurs generated a lot of buzz in the media. The co-founders of Indian software services company Mindtree Ltd, Subrato Bagchi and N.S. Parthasarthy announced they were sponsoring the construction of a multi-specialty hospital and postgraduate Medical College at the prestigious Indian Institute of Sciences (IISc).
Many entrepreneurs and business leaders have contributed some of their wealth to charitable or causes close to their heart but this announcement was remarkable for a couple of reasons. Firstly, the size of the donation Rs. 425 crore (about $56 million) is rather large by Indian standards. The other reason it was buzzworthy was that the donation is being made during the entrepreneur’s lifetime.
|Mindtree_Ltd Co-founders #SubratoBagchi #NSParthasarthy family take selfie after donating Rs.425 Cr to the @iiscbangalore to bulid Bagchi- Parthasarthy multi-speciality hospital alongside PG #MedicalCollege
While most of charitable
giving happens after a person passes away, a
few decide to actively embark on a philanthropic journey, perhaps when they
contemplate "what next" in their life after their success in business.
Perhaps the modern-day blueprint for such donations was
chalked out by the Bill and Melinda Gates Foundation (BMG). According to
Bloomberg, Microsoft founder Bill and his wife Melinda Gates have donated more
than $35 billion to charity since 1994. By some accounts, Bill and his wife
donated nearly 50% of their fortune while also roping other philanthropists –
most notably Warren Buffett who has donated over $5 billion to the foundation.
Subroto and Parthasarathy co-founded Mindtree, and grew the
company from a venture capital funded startup in 1999 to a services giant with billion
dollar revenue. The company was later taken over by Indian industrial conglomerate
Subroto, a 63-year-old
philanthropist and his family have also been active contributors to several
charities In 2021 he donated Rs 340
crore to set up a cancer and palliative care center in Bhubaneswar, and have also
contributed to Aravind Eye Hospital, Amrita University and Ahmedabad
University. Parthasarathy is a founder director of WhiteSwan Foundation, an NGO
focusing on creating awareness on mental health.
Giving away one’s wealth, especially during one’s lifetime
is perhaps the most noble things one can do.
According to the official release by Indian Institute
The Bagchi-Parthasarathy Hospital will be built within the existing IISc Bengaluru campus, taking full advantage of the co-location with the science and engineering faculties and labs. The ground-breaking is planned for June 2022 and the hospital will be operational by the end of 2024. The Bagchi-Parthasarathy Hospital will have advanced facilities for diagnostics, treatment and research. The clinical and surgical departments in the hospital will facilitate comprehensive treatment and healthcare delivery in several specialities including oncology, cardiology, neurology, endocrinology, gastroenterology, nephrology, urology, dermatology and plastic surgery, organ transplant, robotic surgery, ophthalmology, and so on.
In addition, according to National Medical Commission norms, students admitted in specific MD/MS and DM/MCh programmes will also be trained in appropriate sections of the hospital along with their classroom and laboratory training. The hospital will also implement advanced digital technologies and solutions, such as integrated Electronic Medical Record systems and a comprehensive telemedicine suite with haptics interfaces.