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India’s most generous philanthropist just raised his total bequests to $21 Billion

3 min read

Good Stuff
Source: Siasat.com

Latest bequest secures 73-year-old tech tycoon Azim Premji’s place alongside the world’s most influential philanthropists including Bill Gates, George Soros and Warren Buffett.

Donation To His Charitable Foundation Rises To $21 Billion

Indian tech-tycoon billionaire Azim Premji announced last Wednesday that he has donated $21 billion to his education-focused charitable arm, the Azim Premji Foundation. The donation includes a 67% stake in his IT outsourcer, Wipro, worth $15 billion, plus assets including his stakes in consumer business Wipro Enterprises and PremjiInvest, his family office. This latest bequest has raised the bar for philanthropic donations in Asia and secured his position as one of the most large-hearted billionaires in the world.

Azim Premji: The business tycoon with a large heart Azim Premji the chairperson of Wipro Limited, recently committed 34%of his company's shares towards charity. He is now among the world's most influential philanthropists. Source: YouTube/BusinessToday.in

About The Premji Azim Foundation initiatives

The education-focused philanthropic initiative launched by the Wipro chairman over a decade ago is focused on improving the quality of teachers in some of the country’s most remote locations and also runs the Azim Premji University in Bengaluru

“All our activities are scaling up substantially,” Anurag Behar, chief executive officer of Azim Premji Foundation told the Economic Times. “The important point is that we need funds for eternity.” 

The foundation will use the returns from Premji’s bequest, including dividends, to fund all activities, as well as new initiatives such as setting up a second university in North India. 

For starters, the university in Bengaluru plans to increase intake of students by five times from the existing 1,500 every year. It will increase the field work in the most disadvantaged parts of Uttarakhand, Karnataka and Rajasthan to improve quality and equity in education.

To whom much has been given, much should be expected.”  — Azim Premji 

Source: EconomicTimes.IndiaTimes.com

Since the late 1960s, Premji has led Wipro from a $2 million hydrogenated cooking fat company into a close to $8 billion revenue IT, BPO and R&D Services organisation present in 58 countries. Regularly hailed as one the world’s most influential business icons and global thought leaders, he considers awards and accolades as recognition for Team Wipro
Azim Premji, Chairman of WIPRO, is a Stanford graduate Since the late 1960s, Premji has led Wipro from a $2 million hydrogenated cooking fat company into a close to $8 billion revenue IT, BPO and R&D Services organisation present in 58 countries. Regularly hailed as one the world’s most influential business icons and global thought leaders, he considers awards and accolades as recognition for Team Wipro Source: azimpremjiphilanthropicinitiatives.org

It takes a bold mind like Azim Premji to commit so much

THE FOUNDATION WILL ALSO SET UP FUNDING TO OTHER NONPROFITS 

The initiative to support other nonprofits by providing multi-year grants was started in 2014 and has helped the Premji foundation move beyond education, which is its primary focus. In the last five years, these grants have supported over 150 organisations engaged in a range of domains across India. 

OTHER INDIAN BILLIONAIRES HAVE STEPPED UP THEIR PHILANTHROPIC GAME RECENTLY

Premji’s largesse has “stretched everybody’s target”, said Rohini Nilekani, who along with her husband, Infosys cofounder Nandan Nilekani, has committed half of their wealth to philanthropy.

“It takes a bold mind like Azim (Premji) to commit so much,” said Nilekani. “He will really be able to innovate and find ways to address increasingly complex societal problems in India.” 

Apart from the Nilekanis, Biocon founder Kiran Mazumdar-Shaw, Symphony Group’s Romesh Wadhwani and realty tycoon PNC Menon have pledged part of their wealth to the Gates-inspired Giving Pledge.

Source: EconomicTimes.IndiaTimes.com

In conversation with Azim Premji – Azim Premji Philanthropic Initiatives Source: Vimeo.com/azimpremjiinitiatives
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