International tycoons meet Indian counterparts urging for charity

In an unprecedented incident, leading Indian tycoons including Godrej group chairman Adi Godrej, Wipro chairman Azim Premji, GMR group chairman GM Rao and HCL Enterprises chairman Shiv Nadar, were left awestruck by US billionaire investor and philanthropist Warren Buffett when the duo met and urged them to distribute part of their wealth for charity. A rebounding stock market that gained two-thirds last year and an economy growing at over 8.5% has boosted the wealth of India's richest. Last year, there were only 49 billionaires on the Forbes list of India's richest. This year, the number has risen to 55 – the highest ever. Buffett is in India as part of his philanthropic initiatives and is also expected to look at possible investment opportunities. The 80-year old legendary investor, often called the “Oracle of Omaha”, has pledged 99% of his wealth in Berkshire Hathaway towards philanthropy. Along with bridge partner and Microsoft co-founder Bill Gates, Buffett is urging America's richest to pledge half their fortunes to charity as part of “The Giving Pledge.” So far, 59 rich Americans have taken the pledge and said they want to take the campaign worldwide.