Wipro founder-chairman Azim Premji has committed another 34 per cent stake of his share in IT services firm Wipro Ltd valued at Rs 52,750 crore ($7.5 billion) for philanthropic activities, reports The Hindu BusinessLine (BL).
With this latest announcement, the Indian business tycoon and billionaire has committed a significant Rs 1,45,000 crore ($21 billion) to his namesake foundation’s philanthropic activities, including a 67 per cent economic ownership of Wipro.
Azim Premji, known for his frugal ways, is now India’s most prolific philanthropist. Though he is India’s second richest man (Forbes 2018), he is reported to fly economy class, avoids expensive cars and an ostentatious display of wealth.
“Azim Premji, Chairman of Azim Premji Foundation, has announced that he has increased his commitment to philanthropy by irrevocably renouncing more of his personal assets and earmarking them to the endowment that supports the Foundation’s philanthropic activities,” said Azim Premji Foundation in a statement.
Improving Education Access
Azim Premji Foundation is a not-for-profit organisation that has been working since 2000 to improve the educational quality across the country. Today, the Foundation with more than a thousand employees has field institutes in forty districts across six states and one union territory. Its efforts reach more than 3,50,000 schools across the country.
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