Hindustan Times ST (Mumbai)

Premji raises philanthro­py bar with $21 bn total pledge

- Kalpana Pathak

MUMBAI: Azim Premji, India’s second richest man, on Wednesday gave away 34% of his shares in Wipro Ltd to charitable causes, confirming his status as the most philanthro­pic Indian.

The shares given away by Premji—a man known for his frugal ways—are valued at about $7.5 billion (₹52,750 crore).

With the latest contributi­on, the total value of funds committed by the billionair­e to Azim Premji Foundation’s philanthro­pic activities stands at ₹1.45 lakh crore ($21 billion).

This includes a 67% economic ownership of Wipro, the foundation said on Wednesday.

Premji inherited his father’s vegetable oil company and transforme­d it into a global software powerhouse.

One of the world’s richest men, Premji still flies economy class, and avoids expensive cars and ostentatio­us displays of wealth.

In terms of philanthro­pic contributi­ons in the country, Premji is ahead of others by a distance. Although India has seen a rise in individual donations of late, contributi­ons of ₹10 crore or more account for more than half of individual philanthro­py and Premji’s donations account for more than 80% of this.

The Premji foundation works to improve access to primary education in India, including some of its most disadvanta­ged parts. Premji’s philanthro­pic initia-

WITH HIS NEW COMMITMENT, PREMJI’S TOTAL CONTRIBUTI­ON TO THE PHILANTHRO­PIC ENDOWMENT CORPUS IS ₹1.45 LAKH CRORE

tives also help in improving the lives of street children and the disabled. The foundation also runs the Azim Premji University in Bengaluru.

“Azim Premji’s philanthro­pic activities have an overarchin­g vision to contribute to developing a just, equitable, humane and 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 said in a press statement.

India’s super wealthy households, or those with a net worth of more than $50 million in India, are expected to double in both volume and wealth from 160,600 households with a ₹1.53 lakh crore combined net worth in 2017, to 330,400 households with a combined net worth of ₹3.52 lakh crore in 2022.

However, a vast majority of them inherit their wealth and prefer to leave their money to family. The foundation works closely with various state government­s. It currently works in Karnataka, Uttarakhan­d, Rajasthan, Chhattisga­rh, Puducherry, Telangana, Madhya Pradesh and the northeast region.

(Press Trust of India contribute­d to this

story.)

 ?? MINT/FILE ?? Azim Premji, chairman, Wipro.
MINT/FILE Azim Premji, chairman, Wipro.

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