Published On: Thu, Dec 2nd, 2010

Azim Premji foundation gets 2 Billion $ from founder

EduShine Academic Search

Azim Premji foundation set up by Azim Premji, Chairman of IT to FMCG Wipro group has received a donation of 2 billion US $ from its founder in form of a transfer of 213 million equity shares of Wipro Ltd. to an irrevocable trust. The trust will utilize the endowment to fund various social and not-for-profit initiatives that are expected to grow in the coming years.

Azim Premji said that the endowment will help the foundation grow and serve its purpose of catering the society and aiding its development.

The Karnataka Government has recently approved the formation of the Azim Premji University under a special legislative act, which aims at the development of education sector and train professionals to work towards social causes in disadvantaged communities. The endowment will also be used for the university.

The current market price of the equity shares stands at Rs. 8,846 crores or Rs. 88.4 billion approx. “All our efforts, including the university that we are setting up, are focused on the underprivileged and disadvantaged sections of our society.  Our experience of the past 10 years has motivated us to significantly scale up our initiatives, across multiple relevant dimensions,” he said.
Located in Bangalore, the university expects to commence its operations in 2011.  The university will be multidisciplinary in its approach and will offer programs and conduct research in the field of education and other areas closely related to development.

The foundation will also “significantly” increase the number of its field level programs and establish a number of state and district resource centers in order to implement them.

The foundation believes that real and sustainable social change can only be achieved by multiple constituents of the society working together. Therefore, besides its existing programs, it will also continue to partner with various state governments, institutions, NGOs and individuals in its work.

Since its inception in 2001, Azim Premji Foundation has worked immensely in rural India, often in close partnership with a number of state governments in order to help improve the quality of education in the country.  Its programs have touched over 25,000 schools and more than 2.5 million children over the years.

To drive this project further, Azim Premji had also recently announced the appointment of Dileep Ranjekar and Anurag Behar as co-CEOs of the foundation.

Azim Premji, Chairman of the Azim Premji Foundation, has announced the transfer of 213 million equity shares of Wipro Ltd. to an irrevocable trust. The trust will utilize the endowment to fund various social and not-for-profit initiatives that are expected to grow in the coming years.

Azim Premji said that the endowment will help the foundation grow and serve its purpose of catering the society and aiding its development.

The Karnataka Government has recently approved the formation of the Azim Premji University under a special legislative act, which aims at the development of education sector and train professionals to work towards social causes in disadvantaged communities. The endowment will also be used for the university.

The current market price of the equity shares stands at Rs. 8,846 crores or Rs. 88.4 billion approx. “All our efforts, including the university that we are setting up, are focused on the underprivileged and disadvantaged sections of our society.  Our experience of the past 10 years has motivated us to significantly scale up our initiatives, across multiple relevant dimensions,” he said.

Located in Bangalore, the university expects to commence its operations in 2011.  The university will be multidisciplinary in its approach and will offer programs and conduct research in the field of education and other areas closely related to development.

The foundation will also “significantly” increase the number of its field level programs and establish a number of state and district resource centers in order to implement them.

The foundation believes that real and sustainable social change can only be achieved by multiple constituents of the society working together. Therefore, besides its existing programs, it will also continue to partner with various state governments, institutions, NGOs and individuals in its work.

Since its inception in 2001, Azim Premji Foundation has worked immensely in rural India, often in close partnership with a number of state governments in order to help improve the quality of education in the country.  Its programs have touched over 25,000 schools and more than 2.5 million children over the years.

To drive this project further, Azim Premji had also recently announced the appointment of Dileep Ranjekar and Anurag Behar as co-CEOs of the foundation.