Azim Premji, Chairman of Azim Premji Foundation (‘the 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, which supports the Foundation’s philanthropic activities. He has done this by additionally earmarking all economic benefits for philanthropic purposes, in approximately 34% of the shares in Wipro Limited (current market value INR 52,750 Crores/ USD 7.5 Bn), held by certain entities controlled by him. This action is in addition to his earlier donations to philanthropy, which included Wipro’s shares, as well as other assets owned by him.
With this action, the total value of the philanthropic endowment corpus contributed by Mr. Premji is INR 1,45,000 Crores (USD 21 billion), which includes 67% of economic ownership of Wipro Limited.
Azim Premji’s philanthropic activities have an overarching vision to contribute to developing a just, equitable, humane & sustainable society in India. To enable this vision, the Azim Premji Foundation works directly in education and supports other not-for-profits working in some specific areas through multi-year financial grants.
The Foundation’s extensive field work in education has been in some of the most disadvantaged parts of India, to help contribute to the improvement of quality and equity of the public (government) schooling system. All this work has been in close partnership with various State Governments.