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You are here: Home / Archives for Azim Premji

Azim Premji gives half of his stake in Wipro for charity

July 9, 2015 by Nasheman

Azim Premji

Bengaluru: Economic value is sustainable only if created on a foundation of ethics and responsibility, say the IT czar

IT czar Azim Premji has given away almost half of his stake holding in Wipro, India’s third largest exporter of software services, to philanthropy.

The Wipro’s billionaire founder has given away an additional 18 per cent of his stake in the IT Company for charity, thus earmarking 39 per cent of stake (worth Rs 53,284 crore) for a charitable trust.

The latest philanthrophic initiative by Premji would pump in an additional Rs 530 crore by way of dividends into the Azim Premji Trust’s corpus this year.

69-year old Premji is the first Indian to sign the Giving Pledge, sponsored by billionaires Warren Buffett and Microsoft co-founder Bill Gates to invite the world’s wealthiest to donate majority of their wealth to charity.

“Over the past fifteen years, I have tried to put this belief into action through my personal philanthropic work…,” Mr. Premji said in a letter to shareholders published in the company’s annual report for the year ended March 2015.

Mr. Premji said, “Over these years I have irrevocably transferred a significant part of the shareholding in Wipro, amounting to 39 per cent of the shares of Wipro, to a Trust (of which ownership in 21.14 per cent was transferred and for the balance the Trust is entitled to beneficial interest of dividends and sale proceeds).”

The previously transferred 21 per cent stake was estimated at USD 4.3 billion. The promoter group led by Mr. Premji holds 73.39 per cent stake in Wipro.

Mr. Premji was considered the ‘most generous Indian’ of 2014 according to the Hurun India Philanthropy List.

He said the Trust supports the work of The Azim Premji Foundation and Azim Premji Philanthropic Initiative and thus a very significant part of the value created by Wipro, goes towards social causes.

Mr. Premji also stated in the report that economic value is sustainable only if created on a foundation of ethics and responsibility.

“For us, this is the driving force in the form of our values and is something that we will continue to remain completely committed to,” he added.

The company’s Social and Sustainability Initiatives are driven by the conviction that corporations should play a significant role in contributing to building a better society, Mr. Premji said.

“The owners — individuals or other entities — of such corporations can do a lot more for society, because they can choose to exercise the right of their ownership, and invest their wealth in any social cause, to their utmost,” he said.

(PTI)

Filed Under: India Tagged With: Azim Premji, Wipro

Accept India as pluralistic nation, says Azim Premji at RSS event

April 6, 2015 by Nasheman

azim-premji

New Delhi: Wipro Chairman and philanthropist Azim Premji on Sunday addressed a convention of nearly 800 RSS-backed organisations and gave a call for accepting India as a great pluralistic nation.

“The test of our social commitment and humanity is how we treat the most powerless of our fellow citizens, the respect we accord to our fellow human beings. That is what reveals our true culture. As a great pluralistic nation, we must accept our differences. It is vital we accept them and find a common ground to work together. Negative people only focus on differences,” he said.

Addressing the event in the presence of RSS chief Mohan Bhagwat, Premji said some had been apprehensive about his participation in the function. “They felt I would be seen as endorsing the ideology of the Sangh by addressing a forum like this. I did not follow their advice because, firstly, I am not a political person. I am, however, deeply interested in and concerned about my country. So I see no issue in speaking at an occasion where people have gathered to discuss how to contribute to the country,” he said.

“Also, I believe that merely speaking at a particular forum does not in any way mean one endorses all, or any, of the views that might be expressed at the forum, or held by the organisers,” he added.

He said it was an “honour” to have been invited by the RSS chief to speak at the Rashtriya Sewa Sangam, amongst people who were not only dreaming of a “better India” but actually dedicating their lives to it.

“While I may not know many of you here, some of my colleagues do know some of you, and, more importantly, are acquainted with the good work being done by many present here for the genuine betterment of our country, and I did not want to miss this opportunity of speaking with you,” he said.

“And most importantly, having met Bhagwat, I realised how many people like you all over India are dedicating your lives to the genuine uplift of our country. And I thought, all those working towards a better India should attempt to join hands where they can,” he added.

(Agencies)

 

Filed Under: India Tagged With: Azim Premji, Rashtriya Swayamsevak Sangh, RSS, Sangh Parivar, Wipro

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