The biggest charitable initiative just took place in the country and we couldn't be more pleased with the mighty philanthropist. India's second richest man, Azim Premji, has given away 34 percent of his shares in a philanthropic commitment, which is Rs 52,750 crore ($7.5 billion), to support charitable causes across India, making this the most generous donation in Indian history. This definitely takes Premji's overall commitment towards his funding to a phenomenal Rs 145,000 crore ($21 billion), which includes 67% of economic ownership of Wipro Ltd.
The Wipro chairman just made his foundation one of the biggest in the world with this generous initiative .
"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," - a statement made by the Azim Premji foundation.
The Bill and Melinda Gates Foundation and the Ford Foundation have investment assets for charities and development in India for about $40 billion and & 12 billion, respectively. Premji's generosity comes at a time when the 'super-rich' folks in India are giving less for charitable causes than they did five years ago, according to a recent philanthropy report conducted by Bain & Co. in 2019.
Seeing the philanthropic activities of Bill Gates, Azim Premji... they are like Corporate Robin Hoods— George Philip (@sacredjobshr) 14 March 2019
Hats off to Mr Azim Premji for his unprecedented philanthropic activities & charitable contribution to the Society; his latest contribution of 7.5 billion US $ brings total to 21 billion US $; he still flies economy class, avoids costly cars & ostentatious displays of wealth..— Vikas Pahwa Sr Adv (@vikaspahwasradv) 14 March 2019
The Azim Premji Foundation works to strengthen the education system in the country and also helps other not-for-profit organisations, working in the same sector through multi-year financial grants. The foundation works closely with a lot of state governments to improve the quality of education at a grassroots level. They are currently prevalent in Karnataka, Telengana, Uttarakhand, Rajasthan, Puducherry, Madhya Pradesh and the North-East.
The foundation helps building and scaling a network of institutions at district and state levels to help improve the overall condition of education in rural areas and small towns in a sustained manner.
The next few years are scheduled and are going to be busy for the foundation, as they will focus on increasing the level of activity and work centred around education and they also may set up a foundation in the northern part of India, soon.