Being a university alumnus usually implies occasionally attending an obligatory reunion. But for ASK Group chairman Asit Koticha, the payback was more than spending an evening in an ill-fitting blazer with a roomful of ex-classmates. It was worth a cool Rs 32 crore, to be precise. The money will go to Mumbai University for an international convention centre and school of philosophy. “Philosophy and business management are close to my heart. I read books on these subjects in my free time,” Koticha explains.
When it comes to giving to charitable causes, Koticha is full of surprises. In 2008, when Bollywood actor John Abraham came to collect a Rs 35-lakh cheque for NGO Habitat for Humanity, Koticha astounded him by handing over a cheque for Rs 3 crore instead. “Why do you want to write about all this?” asks the media-shy philanthropist.
Koticha’s lavish endowments are made possible thanks to his success on the capital market, or just “the market”, as he likes to abbreviate it. Founding ASK in 1983 along with brother Sameer, today Koticha’s net worth is a cool Rs 1,000 crore.
While the market may be his calling, social activities are definitely close to Koticha’s heart. Only last week, he embarked on a project of building 7,500 houses across India for the needy. It’s all part of ASK's ongoing work with Habitat for Humanity, launched by former US President Jimmy Carter.
Since 2006, Koticha has been actively involved with the Mumbai chapter of Life Foundation, Rajkot, which works for the uplift of the marginalised in Gujarat’s Saurashtra region. He is also involved with trusts focused on underprivileged children (Sun Beam) and women (SNEHA).
Helping the busy Koticha in his social activities is wife Kanan. “We are a very close-knit family and my wife and brother also manage the CSR activities,” he says. Clearly, this former student of commerce from Mumbai’s Poddar College puts his money where his heart is.
