In a unique gesture, Shri Ajit Jain of Berkshire Hathaway donated stocks of Berkshire to the IITKGP US Foundation for his Alma Mater IIT Kharagpur (IITKGP). The news was confirmed by Foundation office on July 10.
Ajit Jain, a distinguished alumnus of IIT Kharagpur, graduated with B.Tech. in Mechanical Engineering in the year 1972. In 1978, he moved to the United States, where he earned an MBA from Harvard University. After graduation, he held various positions at top tier management consultancy, McKinsey & Co., up until 1986 when he joined Berkshire Hathaway.
Ajit Jain is the President of Berkshire Hathaway Insurance group and leads several other insurance companies housed inside the broader Berkshire Group. Warren Buffett has described Jain as having the intelligence to rate most risks properly, the realism to forget about those that can't be evaluated, the courage to write huge policies and the discipline to reject risk when the premium is not appropriate.
Ajit Jain established the Jain Foundation, the mission of which is to cure limb-girdle muscular dystrophies caused by dysferlin protein deficiency.
“Ajit is very close and dear to Warren Buffett. Warren considers him like his own son. We are proud to have our alumnus so valuable to Warren Buffett. I hope this gift is a start for much bigger gifts to come” said alumnus Vinod Gupta, a member of the executive body of IITKGP US Foundation and a noted philanthropist who has donated generously to his Alma Mater and other organizations.
Till now the Institute has been receiving only monetary donations. However, in a recent initiative, IITKGP has been encouraging the donation of stocks and shares to the Institute through its Foundations.