With announcement of a massive 34 percent of shares in the company worth $7.5 billion on Wednesday, Azim Premji has made the most generous charity ever made in Indian history – and also became one of the biggest eponymous philanthropists around the world.
The multi-billionaire owner of Indian conglomerate Wipro Ltd. Azim Premji is the second richest in India and around the world, but he is better known for his philanthropy. While the donations coming from ultra-rich Indians with net worth crossing $50 million have fallen down in last five years, the 73-year-old Bengaluru-based billionaire ranking the 51st richest in world has broken all the charity records ever made by pledging a fresh bouquet of 34 percent of Wipro Ltd. shares worth $7.5 billion or Rs 52,750 crore for donations through the Azim Premji Foundation.
Image credit: Economic Times
The announcement was made on Wednesday by the charitable foundation, to book his name for making the most generous donation ever made in India. The amount will now be transferred from Wipro Ltd – India’s fourth-largest software services exporter to the charitable foundation to support its philanthropic purposes – mostly focusing on education. The Premji Foundation directly supports 150 other NGOs working for providing education to the under-privileged, marginalized Indians through yearly financial grants.
With this, Premji has committed earnings a total of 67 percent of Wipro’s shares to the charitable foundation – worth a total of $21 billion or Rs 1,45,000 crore for charity – leaving him with 7% of the company’s total shares. The tall and generous largesse has made him one of the biggest philanthropist around the world, and raised the bar for others among the list including Bill Gates, Warren Buffet, George Soros and others. The generosity and art of giving is highly inspirational to every billionaire, millionaire, crorepati or the ordinary people – for a better balanced society.