US-based construction firm owner pledges property worth a million dollars in his will to IIT Delhi, authorities say it’s the start of a new trend.
New Delhi: Graduates of the Indian Institute of Technology (IIT), Delhi, have found a novel way to repay their institute — its older alumni are leaving wills in the name of their alma mater.
Taking the lead are graduates of the batches of 1967 and 1968, who have willed their money to the institute.
Among them is Ramesh Kapur, an IIT Delhi alumnus of the 1968 batch, who has willed his property, worth a million dollars, to the institute.
Based out of United States, Kapur attended his batch’s golden jubilee celebrations, where he promised the money to the institute. He later sent them an official copy of the will with the institute’s name on it. Kapur, a civil engineering graduate from the institute, now owns a construction company in the US.
Another alumni, Ram Matta, of the 1967 batch, has also promised to will money to IIT Delhi, though the amount has not been disclosed to the institute so far.
“IIT Delhi director, Ramagopal Rao, had last year during the Golden Jubilee celebrations of the 1967 batch urged people to put some part of their will in the name of IIT Delhi. Some of them readily obliged,” said dean, alumni affairs, IIT Delhi, Sanjeev Sanghi.
“Apart from Ramesh Kapur, Ram Matta has also promised to will his money to IIT Delhi. Earlier he had Stanford University’s name in his will. After listening to Prof. Rao at the golden jubilee celebrations, he removed Stanford’s name and put IIT Delhi in its place. We are yet to get a copy of that,” he said.
An emerging trend
Sanghi further said that IIT Delhi expects more such contributions from its alumni in the future, especially the ones who are based abroad.
Apart from the wills, authorities at the institute say others have been contributing with donations. Since 2017, IIT Delhi has received Rs 14 crore, and there is a commitment of about Rs 20 crore next year.
“Older alumni based in the US are writing wills in the name of IIT and it makes more sense for them because after a certain amount of money if they write their will in the names of their children it will be taxable,” said IIT Delhi director Prof V Rama Gopal Rao. “So rather than giving money to the family, they are leaving wills in the name of the institute, it is their way of giving back to the institute which gave them a launch pad and brand name.”
The alumni network of IIT Delhi is 49,000-strong and is spread across various countries.