The chairman of Indian conglomerate Wipro Ltd. Azim Premji will give a further 34 percent of shares in the company worth $7.5 billion to support philanthropic activities.
In an statemet Azim Premji foundation said that the shares held by entities controlled by Premji have been irrevocably renounced and earmarked to the Azim Premji Foundation. "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."
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Premji’s foundation works directly in education and supports over 150 other non-profits serving under-privileged and marginalized Indians through multi-year financial grants. The foundation aims to develop professionals in education and related human development domains, offer degree and education programs, and conduct research. The foundation will scale up significantly in the coming years. The team working in education will scale from the current 1,600 people and grant-making activities will triple. The Bengaluru-based university will expand to 5,000 students with over 400 faculty members.
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The 73-year-old Pemji is India's second-richest man and ranks 51 in Bloomberg's list of global billionaires.