Wipro founder Azim Premji Wednesday announced he has set aside economic benefits of about 34 per cent of his shares in Wipro, worth Rs 52,750 crore, for his foundation involved in philanthropy.
According to the statement, the total value of the endowment corpus, which supports Azim Premji Foundation’s philanthropic activities, contributed by Premji has swelled to a staggering Rs 1.45 lakh crore, which includes 67 per cent of economic ownership of Wipro Ltd.
The Wipro Chairman further announced that he has increased his commitment to philanthropy, by irrevocably renouncing more of his personal assets and earmarking them to the endowment corpus.
“He has done this (contribution) by additionally earmarking all economic benefits for philanthropic purposes, in approximately 34 per cent of the shares in Wipro Limited (current market value Rs 52,750 crore), held by certain entities controlled by him,” the statement by the Azim Premji Foundation read.
The Azim Premji Foundation works in education in the country and supports other not-for-profit organisations 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,” it added.
The Foundation works closely with many state government including Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Telangana, Madhya Pradesh and the northeast region.
Over the next few years, the activities of the Foundation are expected to ramp up significantly, the statement read adding that a university in North India may be set up by the Foundation at some point.