Social NGOs will get Funding from New Premji Wing

  • Wipro chairman Azim Premji has established a new philanthropic venture with focus on awarding grants to non-profits working in socially important areas
  • This initiative is distinct from Azim Premji Foundation, which will continue to focus on education.
  • The new Azim Premji Philanthropic Initiatives is also focused on the same purpose of contributing towards building a just, equitable, humane and sustainable society.
  • Azim Premji Foundation CEO Anurag Behar said: As of now, we are building a team, with expertise in relevant areas, and developing a strategy.
  • With a net worth of $16.4 billion, Premji is India's biggest philanthropist.
  • Since 2010, he has transferred more than $4 billion to a trust that controls the Foundation.
  • It's not clear how much of this will be earmarked for the new initiative, or whether a fresh allocation will be made.
  • The Foundation works across seven states in the country that has 350,000 schools, to improve the quality and equity in government school education.
  • It has also established the Azim Premji University in Bengaluru to develop talent and research for the education and broader social sector, currently having about 1,200 people.
  • Behar said that while the Foundation does most work by itself, and the new entity will be a “grant-making“ entity.
  • Premji, whose family owns 75% stake in Wipro, was the first Indian to sign up for the Giving Pledge initiative started by Microsoft founder Bill Gates and billionaire investor Warren Buffett.
  • The pledge obliges the person to donate a majority of wealth to philanthropy.
  • In his letter to the Giving Pledge, Premji had said: I strongly believe those of us privileged to have wealth should contribute significantly to try and create a better world for the millions who are far less privileged.