Tata gives USD 50 mn to Cornell University

Dharam Shourie

New York, Oct 20 (PTI) Noted industrialist and
philanthropist Ratan Tata has gifted a USD 50 million to his
alma mater, Cornell University in New York, to help recruit
top Indian students to support joint research projects with
the Indian universities in agriculture and nutrition.

The gift from the Tata Trusts, a group of
philanthropic organizations run by Tata -- chairman of the
business conglomerate Tata Sons Ltd, will allow Cornell to
establish and expand partnerships with Indian scientists that
build on its strength in applied agriculture research.

Tata had graduated from Cornell in 1959.

The endowment will also be used to set up a
scholarship fund to bring more Indian students, who may be
discouraged by Cornell's price tag, to the university. The
gift could eventually help support as many as 25 Indian
undergraduate and graduate students at a time.

The endowment consists of USD 25 million to establish
the Tata-Cornell Initiative in Agriculture and Nutrition,
which will contribute to advances in nutrition and agriculture
for India and USD 25 million for the Tata Scholarship Fund for
students from India, to help attract more of the best and
brightest talents to Cornell.

Tata was named one of the 30 most respected CEOs in
the world by Barron's magazine last year, and the Tata Group
was awarded the Carnegie Medal of Philanthropy in 2007.

Cornell President David Skorton announced the gift
during his State of the University address Friday last,
calling it "one of the most generous endowments ever received
from an international benefactor by an American university."

The Tata Group is one of India's oldest and largest
conglomerates, operating in seven business sectors and
employing around 320,000 people.