Friends of IIT being set up by  alumnus
Mumbai: Kanwal Rekhi, one of the founding members of The Indus Entrepreneurs, is planning to help the Indian Institutes of Technology by setting up a trust so that the premier Indian technical training institutions can garner $500 million from its acclaimed alumni spread all over the US.

Mr Rekhi plans to set up the trust, tentatively named Friends of IIT, styled on the lines of similar fund raising trusts in the US that fund premier engineering institutes. He believes that the amount that is projected to be collected is not very high considering that there are 30,000 IIT alumni in the US alone.

Mr Rekhi wants to pay back to one's alma mater. Recently he donated $2 million to IIT, Mumbai. By the end of this year, IIT, Mumbai will receive a total of $5 to $6 million, including Mr. Rekhi's endowment.
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B.K. Khaitan's succession plans
Calcutta: Brij Mohan Khaitan, patriarch of the Williamson Magor group, has started putting in place a succession plan for his Rs 2,000 crore group.

He is nominating elder son Deepak to hold the helm of the non-tea business and younger son Aditya will look after the tea division.

The group is considered one of the top producers of tea in the world and owns over 55 gardens spread over Dooars, Darjeeling and Assam.
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Leo Castelli, art dealer dead
New York: Leo Castelli, the legendary art dealer who helped shift the focus of the art world in the 1960s from Paris to New York by representing a new crop of painters, including Jasper Johns, Robert Rauchenberg and Any Warhol, is dead. He was 91.

Castelli, who came to New York from Europe as a refugee during the Second World War, did not open his first US art gallery until 1957 when he was almost 50 years old

The New York Times reported that Castelli was the first US art dealer to offer his artists a stipend, which was the equivalent of putting them on a payroll, whether or not their works were sold.
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