August 4, 2011; Source: The Economic Times | Indian billionaire Rakesh Jhunjhunwala has declared that he will give away a quarter of his wealth in his lifetime. Though Warren Buffett had tried to persuade him to join the Billionaire Pledge initiative, Jhunjhunwala says he was not necessarily influenced by Buffet but rather by the memory of his late father, who would not have been able to complete his education but for the help of a friend.

Jhunjhunwala says he considers his charity to be his fourth child, and that his wealth will be divided among all of his children equally. He is also encouraging others to give, and says that every Indian should give what their pockets and conscience allow.—Ruth McCambridge