• The donation will be used to build a state-of-the-art Center of Innovation
New Delhi: Rakesh Kapoor, former global CEO of Reckitt Benckiser, has donated $1.2 million (around ₹10 crore) to his alma mater, BITS Pilani - the biggest gift the institute has received in its history.
"The donation will be used to build a state-of-the-art Center of Innovation," BITS Pilani said in a statement.
Designed by renowned architect Hafeez Contractor, the 40,000-square-foot facility will include innovation labs in technology and hardware and co-working spaces. The innovation center will also be home to the Pilani Innovation and Entrepreneurship Development Society (PIEDS), a business incubator of BITS.
The innovation center will be named 'The Kapoor Center of Innovation' in recognition of Kapoor's generosity and his belief in the mission and promise of the institute.
The announcement comes in the backdrop of the recently announced 'BITS Innovation and Start-up Policy of 2022', which allows both student and faculty to take up to a year off to start their own venture.
Kapoor, who studied at BITS Pilani from 1975 to 1980, was the Global CEO of Reckitt Benckiser from 2011-2019. He is widely recognized as one of the leading global CEOs in the consumer goods industry. During his tenure, he transformed the company from a household cleaning company to one of the largest health and hygiene companies. The company delivered an annualized total shareholder return of approximately 12.5% (in GBP), placing it in the top decade of consumer goods CEOs.
Souvik Bhattacharya, Vice-Chancellor, BITS Pilani, said, “BITS, in its own way, has contributed significantly to India's legacy of entrepreneurship. From once a small technical school, it is today one of the country's leading 'entrepreneurial factories' This generous act of philanthropy by Rakesh Kapoor will undoubtedly have a lasting impact, as it aligns with one of the top institutional priorities and reinforces the culture of innovation and entrepreneurship that BITS has driven for many decades." I am confident that this center will act as a catalyst for the next generation of innovators, shaping the future with their brilliant ideas and solutions," said Bhattacharya.
Kapoor said innovation and entrepreneurship are the lifelines of economic and social progress.
“I feel privileged to be able to further the already strong entrepreneurial ecosystem at BITS. My hope is that this gift will fuel the talents of young engineers and scientists to create innovative products, solutions and services that benefit our planet and our people. With the depth and rigor of Bites education, the culture of innovation and entrepreneurship that pervades campus life, I truly believe the possibilities are limitless for generations to come," he said. .
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