India’s second-richest man is giving billions to charity in what would be the nation’s largest single donation ever.
Azim Premji, the billionaire chairman of Wipro (WIT), is handing shares within the tech firm price almost 530 billion rupees ($7.5 billion) to his philanthropic basis.
The tech tycoon has now donated a complete of $21 billion to the Azim Premji Foundation over a number of years, together with 67% of Wipro’s shares, the inspiration mentioned in a press release.
Premji, 73, has a fortune of greater than $18 billion, in accordance to the Bloomberg Billionaires Index.
He was the primary Indian to signal the Giving Pledge, a marketing campaign began by Warren Buffett with Bill and Melinda Gates to encourage billionaires around the globe to commit most of their wealth to charity.
Premji accounted for 80% of “large donations” — outlined as greater than 100 million rupees ($1.four million) — from India’s richest people within the 2018 monetary yr, in accordance to this yr’s India Philanthropy Report by consulting agency Bain & Company and philanthropy fund Dasra. Private people in India donate about 430 billion rupees ($6.2 billion) annually, the report mentioned.
Wipro was based by Premji’s father in 1945 as a vegetable oil producer, and transitioned to the expertise trade within the 1980s underneath Premji’s management. It has since grown into one in all India’s largest IT companies firms, with greater than 160,000 workers worldwide and over 1,200 purchasers in industries starting from aerospace to retail.
Premji’s basis focuses on supporting schooling, and runs the Azim Premji University in Bangalore. Its billionaire benefactor’s newest donation might assist it open a second college and “scale up significantly,” the group mentioned.