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Azim Premji Commits Wipro Shares Worth Rs 52,750 Crore To Philanthropy

PRERNA YADAV | 0
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| March 14 , 2019 , 11:17 IST

Chairman of India's third largest IT company Wipro, Azim Premji will give a further 34 percent of shares in the company worth $7.5 billion to support philanthropic activities.

The shares held by entities controlled by Premji have been irrevocably renounced and earmarked to the Azim Premji Foundation, the foundation said in a statement on Wednesday.

“With this action, the total value of the philanthropic endowment corpus contributed by Mr. Premji is $21 billion, which includes 67% of economic ownership of Wipro.”

With his new commitment, Premji’s total contribution to the philanthropic endowment corpus is ₹145,000 crore ($21 billion), which includes 67% of economic ownership of Wipro Ltd, it said.

 The Foundation works in the education sector, aiming to improve the quality of public schooling system, and supports other non—profit organizations working in the field through multi-year financial grants.

“Currently the field work in education is spread across Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Telangana and Madhya Pradesh, along with some work in the northeastern states,” the statement said.

The Foundation, which also runs the Azim Premji University in Bengaluru which offers undergraduate, graduate and postgraduate courses in education and human development, will also expand, it said in the statement.

The statement further read, "Over the next several years, the activities of the Foundation are expected to scale up significantly. The team driving the field work in education is expected to grow significantly from the current 1600 people, while the University will expand to have 5000 students with 400 faculty members across multiple programs. Thereafter, another University in the northern part of India may be set up by the Foundation."

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"The grant-making activities will also continue to expand rapidly, growing three times from its current levels, supporting good work across multiple domains of social importance in India. Overall, this strategy and its expansion aim to contribute meaningfully to developing a more just, equitable, humane and sustainable society in India."

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