Bangalore: Wipro Ltd’s billionaire founder and chairman Azim Premji, who donated part of his wealth in 2010 to the charitable trust he has set up, pledged to give more of his money to the foundation in a letter on Tuesday.
In December 2010, Premji donated 8.7% of Wipro’s total stock, or about $2 billion at the time, from his personal holdings in India’s third-largest software exporter to create an endowment for his Azim Premji Foundation.
“The developments of the past two years have given me confidence in our scaled-up and institutional strategy. Even as we execute this strategy, I am aware that ensuring stable funding source is critical for its success. I am committed to transferring more of my wealth to scale up the endowment of the foundation,” Premji said in the letter.
Premji, who set up the Azim Premji Foundation in 2001 to focus on philanthropy and work with the Indian government to improve the country’s school system, also said his foundation would expand operations and employ about 4,000-5,000 people over the next five years. The foundation currently employs about 800 people across India.
“I strongly believe that those of us who are privileged to have wealth, should contribute significantly to try and create a better world for the millions who are far less privileged. I will continue to act on this belief,” Premji said.
Last week, Mint reported that Premji may be setting the stage for his retirement from Wipro. In the past few months, he has started preparing to hand over executive responsibilities to professional managers and elevate elder son Rishad Premji to board seats across different company units before 2015.