Premji to give more to philanthropy

Bangalore: Wipro chairman Azim Premji, who in December 2010 donated about $2 billion to philanthropy, on Tuesday pledged to give more saying, "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." 

    Premji, whose net worth is in excess of $16 billion, in a letter to the first international 'Giving Pledge' group, said that the Azim Premji Foundation, which works in the space of public education in the country, has major plans for expansion. APF which currently employs 800 people will scale to 4,000-5,000 over the next five years. 
    The Giving Pledge initiative, co-founded by Bill Gates and Warren Buffett, has been evangelizing with billionaires across the world to give chunks of their wealth to charitable and philanthropic causes. They were in India in 2012 and addressed the wealthy in Delhi and Bangalore. The initiative on Tuesday released the name of 12 new signatories, including Azim Premji from India, Richard Branson from the UK and nickel and media mogul Vladimir Potanin from Russia. 
    In his letter, Premji said that he was convinced that markets, public systems and philanthropic initiatives all had a significant role to play if the country were to have inclusive development, and that "we needed to work purposefully towards establishing a more humane, equitable and ethical society for all our citizens". 
    However, Premji has not pledged half his wealth for philanthropy as has been reported by sections of foreign media. 
    A statement from APF said, "Azim Premji has been deeply committed to philanthropy for over a decade. He donated 8.7% of the total stock of Wipro from his personal stockholding for philanthropy in 2010. This formed the endowment for the Azim Premji Foundation." It further said that Premji believes that philanthropy has a "substantial role to play in tackling global issues: for building a better society and a sustainable planet".

Azim Premji