Almost a decade ago, the late industry doyen Basant Kumar Birla was asked by this newspaper how he would like to be remembered.

Pat came his response: “Education. I want to be remembered for spreading education.”

A week after his death, BK Babu’s grandson — Kumar Mangalam Birla — has decided to make a grand gesture to take that legacy forward.

The Aditya Birla Group, the $48.3-billion conglomerate that Kumar Birla runs, has announced the creation of a £15-million (Rs 129 crore) endowed scholarship programme at the London Business School in memory of his late grandfather.

This will be the largest endowed scholarship gift to a European business school from anywhere in the world.

The BK Birla Scholar Programme — which will run in perpetuity — will support 10 MBA candidates every year. Five of the candidates will be picked from India while the other five will be chosen from the rest of the world. The top five per cent of the class will be eligible for the award.

Kumar Birla, who is an LBS alumnus, said the BK Scholars’ Programme reflected his grandfather’s generosity of spirit and commitment to supporting the continued growth of emerging business leaders.

“I am extremely proud to honour my grandfather’s legacy and create something enduring through this landmark global scholars’ programme at LBS. Through this programme, we look to build a diverse and vibrant community of next generation leaders who are committed to the ideals of integrity, dedication and service to humanity: the very values epitomised by my grandfather,” Birla said in the statement.

Kumar Birla graduated from the LBS in 1992 with an MBA. Three years later, he was forced to assume control of the conglomerate at the age of 28 after the untimely death of his father Aditya Vikram Birla, BK Babu’s only son.

François Ortalo-Magné, dean of the LBS, added: “It is an incredible gift to be able to honour B.K. Birla’s memory with this prestigious scholars’ programme.”

Asked how the students would be selected, an LBS spokesperson said: “These recipients will be chosen by the school for their outstanding academic achievements and high potential for leadership.”

B.K. Birla, who was forced to drop out of his graduation course from Calcutta’s Presidency College because his father Ghanashyam Das Birla wanted his youngest son to join the family business, had helped set up several educational institutions nationwide.

Many of them, especially the schools for girls, are in Calcutta.

Over 50,000 students annually study in educational institutions established by the Birlas, according to the statement.