Wipro Group chairman Azim Premji has committed 50 per cent of his stake in Wipro for philanthropic purposes.
He has also become the first Indian to sign the Giving Pledge, sponsored by Warren Buffett and Bill Gates to invite the worlds wealthiest to donate majority of their wealth to charity.
Premji, who holds 73.39 stake in Wipro that is worth about Rs 99,500 crore, has given away 18 per cent shares to philanthropy , a report in the Economic Times said. This is in addition to the 39 per cent stake that he had committed for charity, in the company’s annual report for FY 15.
Premji, who turns 70 this month, has thus set aside half of his wealth for philanthropy with major focus on education.
“Over the past 15 years, I have tried to put this belief into action through my personal philanthropic work. Over these years, I have irrevocably transferred a significant part of the shareholding in Wipro, to a trust,” he said.
Premji carries out the philanthropic work through Azim Premji Foundation and recently formed Philanthropic Initiatives. He hired Amnesty India head G Anantha Padmanabhan for Philanthropic Initiatives, which provides grants to NGOs working for the street children, under-privileged teenage girls, etc.
Anurag Behar, CEO of Azim Premji Foundation said that the organization works towards improving government school education in states.