Azim Premji allocates shares worth $7.5 billion for philanthropic activities

Indian conglomerate Wipro Ltd’s chairman Azim Premji will give a further 34% of shares in the company worth $7.5 billion to support charitable activities, the most liberal donation in Indian history.

The foundation said on Wednesday that the shares held by entities controlled by Premji have been irrevocably relinquished and allocated to the Azim Premji Foundation.

“With this action, the total value of the charitable trust corpus contributed by Premji is $21 billion, which includes 67% of economic ownership of Wipro.”

His foundation works mainly in education and supports over 150 other non-profits serving underprivileged and marginalized people through financial grants.

The foundation established the Azim Premji University to develop professionals in education and related human development domains, offer degree and education programs, and conduct research.