NEW DELHI: Industrialist and parliamentarian Naveen Jindal and his flagship company JSPL have gifted USD 2.5 million (about Rs 12.25 crore) to his alma mater, the University of Texas at Dallas, following which the US university has renamed its school of management after him.
Mr. Jindal, a 1992 batch MBA alumnus of the University of Texas at Dallas (UTD), gifted USD 200,000 from his personal wealth, while his flagship firm Jindal Steel and Power Ltd (JSPL) contributed USD 2.3 million to the US university, JSPL said in a statement responding to PTI queries.
According to the statement issued by the University of Texas at Dallas (UTD) last week, Mr. Jindal, along with two others, “contributed an unprecedented combined gift of USD 30 million”.
“Theirs is the largest alumni gift in the University’s history,” the UTD statement said.
Asked about reports of Jindal and his firm making a contribution of USD 20 million as a gift to the university, the company denied it.
The JSPL statement added that both Jindal and JSPL “will contribute in future too” as this would “support Indian students through the creation of scholarships and graduate fellowships”.
“The company’s contribution has been approved by the board of directors, given JSPL’s commitment to education,” the statement further said.
Employees of JSPL and its associate firms will be eligible for executive programmes offered at UTD, the statement said.
The move comes at a time when many foreign universities are looking to set up campuses in India. A Bill, the enactment of which would pave the way for their entry, is before Parliament for consideration.
According to official figures, out of 220 million school-going children in India, only 28 million go for higher education and the government aims to increase the number by 30 per cent (66 million) by 2020.
The JSPL statement said Naveen Jindal and his firms are engaged in various educational initiatives within the country as well and have made investments of over Rs 300 crore till now. The company has earmarked Rs 150 crore for investments in the education sector over the next one year, the statement said.