Bharti family will also set up Satya Bharti University to offer free education to underprivileged youth from economically weaker sections of the society.
The new-age university will focus on science and technology, especially areas like Artificial Intelligence, Internet of Things, and robotics, among others.
The university, that is expected to come up in North India, will commence its first academic session in 2021.
Most of the wealth pledged will be infused into the new university project, Mittal said, adding that talks were on to finalise the land for the same.
Mittal's philanthropic move comes just days after Infosys co-founder and tech titan Nandan Nilekani and his wife Rohini Nilekani joined 'The Giving Pledge', committing half their wealth to philanthropy.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.