Azim Premji to add another Rs 52,750 crore for philanthropy
Azim Premji, chairman of Wipro Limited and a well noted Indian business tycoon, investor, and philanthropist has announced his decision to increase his total commitment to philanthropy to Rs 1.45 lakh crore. Dedicating the economic benefits from 34 percent of his shares, this would be one of the five largest private endowments in the world and the biggest in Asia.
This is a proud moment to the country as Azim Premji now stands alongside the world’s most influential philanthropists including Bill Gates, George Soros and Warren Buffett. Premji has made an official announcement that all the earnings from approximately 34% shares of India’s fourth-largest software services exporter Wipro worth about Rs 52,750 crore ($7.5 billion) would be transferred to the endowment that supports the Azim Premji Foundation.
Azim Premji was also the first Indian to support ‘The Giving Pledge initiative’ that was started by Bill Gates & Warren Buffett. In the last five years, the grants from the foundation have supported over 150 organizations engaged in a range of domains across India.
This announcement has received an overwhelming response from all around the world, and many of the philanthropists have opined that Premji has raised the bars and set new standards for the budding businessmen.