A TECHNOLOGY billionaire from India yesterday (13) raised his philanthropic commitment by £5.74 billion ($7.5bn), pushing his overall dedication to his endowment to £15.85bn ($21bn).
Azim Premji is the chairman of Wipro and this latest move has made his foundation one of the world’s biggest, according to the website- Pensions & Investments.
The beneficiaries of this charity will be mainly disadvantaged communities all across India, which the Azim Premji Foundation serves.
Premji’s latest commitment is in the form of transfer of all the economic benefit in 34 per cent Wipro shares.
The economic benefits from 67 per cent of Wipro shares, by way of dividends, sale of shares, and others will be used for the foundation.
“For every dollar of profits earned, 67 per cent goes directly towards the community,” said Anurag Behar, chief sustainability officer at Wipro and CEO of the Azim Premji Foundation.
Premji’s foundation works to improve standards in government schools, heavily subsidises students of the Azim Premji University and supports not-for-profit projects.
The foundation has supported more than 150 organisations that work to tackle malnutrition and women suffering domestic violence.
Premji, 73, was also the first Indian to sign The Giving Pledge initiative started by billionaires Bill Gates and Warren Buffett.