Billionaire Ananda Krishnan in foundation to promote study of Mandarin and English

Tycoon T. Ananda Krishnan (left) with Datuk Seri Mahamad Fathil Mamood, who sits on the board of trustees of the Yu Cai Foundation, at the official launch of the foundation in Kuala Lumpur yesterday.

PETALING JAYA: Billionaire T Ananda Krishnan and the Usaha Tegas Group have launched the Yu Cai Foundation (YCF), which will principally focus on giving grants to educational institutions which promote the study of Mandarin and English.

Seed funding of RM50mil has been provided for YCF, while Pan Malaysian Sweeps Sdn Bhd, which operates the ‘Big Sweep’ sweepstakes, will donate its surpluses to the foundation.