The Wipro chairman Azim Premji on Wednesday announced his plan to donate 34% per cent of his shares for philanthropy by his Azim Premji Foundation.
At current market value, these shares amount up to Rs 52,750 crore ($7.5 billion), 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 Premji is Rs 1,45,000 crore ($21 billion), which includes 67% of economic ownership of Wipro Limited.
The Azim Premji Foundation works directly in education and supports other not-for-profits working in some specific areas through multi-year financial grants.Their field work is currently spread across Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Telangana, and Madhya Pradesh, along with some work in the north-eastern states of India.
The Foundation also plans to set up another university in the northern part of India. The current university is located in Bengaluru. The grant-making activities will also continue to expand rapidly, growing three times from its current levels, supporting good work across multiple domains of social importance in India.