Azim Premji pledges 34% wipro shares for philanthropy.
India's IT czar and Wipro Chairman Azim Premji earmarked 34 per cent of Wipro Ltd shares worth Rs 52,750 crore ($7.5 billion) for his philanthropic activities. He has increased his commitment to philanthropy, by irrevocably renouncing more of his personal assets and earmarking them to the endowment, which supports Azim Premji Foundation's philanthropic activities. With his new commitment, Premji's total contribution to the philanthropic endowment corpus is Rs 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 supporting other non-profit organisations 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 north-eastern states, the statement said.
As many as 150 not-for-profit organisations working for the marginalised sections across the country have received the grants from the Foundation over the past five years. Over the coming years, the Foundation's activities are expected to scale up significantly. The team driving the field work in education is expected to grow significantly from the current 1,600 people.
The Foundation, which also runs the Azim Premji University in Bengaluru, offers undergraduate, graduate and postgraduate courses in education and human development. The university will expand to have 5,000 students with 400 faculty members across multiple programmes. Thereafter, another university in the northern part of India may be set up, it said.
The expansion aims to contribute to developing a more just, equitable, humane and sustainable society in India, it added. It is a laudable contribution by him and we wish him all the luck and support his dream of an educated society.