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The founder of Wipro, India's major IT company, Azim Premji has a reputation for supporting charitable causes. In his latest venture, Premji is taking his philanthropic activites to another level by setting up an endowment trust with a billion dollars of capital.
The trust will be used to support initiatives for improving education standards and to upgrade teaching methods. Premji has plans for a world-class university with a large endowment. The trust is said to be modeled after the Harvard Management Company, which manages Harvard University’s $27.6 billion endowment. Premji’s trust is expected to begin operating in January next year.
The capital for Premji’s trust is likely to come from selling a 4% stake in Wipro to bring his holdings down to 75% to satisfy the government new requirement. In June, the finance ministry announced that listed companies would be required to have at least 25% of their shares publicly traded.
Azim Premji Foundation
The Azim Premji Foundation says it "Aims at making a tangible impact on identified social issues by working in active partnership with the Government and other related sectors of society". The Foundation was set up with financial resources contributed by Azim Premji.
Azim Premji is known for his modesty and frugality in spite of his wealth. He drives a Toyota Corolla and flies economy class, prefers to stay in company guest houses rather than luxury hotels and even served food on paper plates at a lunch honouring his son's wedding.
The founder of Wipro, India's major IT company, Azim Premji has a reputation for supporting charitable causes. In his latest venture, Premji is taking his philanthropic activites to another level by setting up an endowment trust with a billion dollars of capital.
The trust will be used to support initiatives for improving education standards and to upgrade teaching methods. Premji has plans for a world-class university with a large endowment. The trust is said to be modeled after the Harvard Management Company, which manages Harvard University’s $27.6 billion endowment. Premji’s trust is expected to begin operating in January next year.
The capital for Premji’s trust is likely to come from selling a 4% stake in Wipro to bring his holdings down to 75% to satisfy the government new requirement. In June, the finance ministry announced that listed companies would be required to have at least 25% of their shares publicly traded.
Azim Premji Foundation
The Azim Premji Foundation says it "Aims at making a tangible impact on identified social issues by working in active partnership with the Government and other related sectors of society". The Foundation was set up with financial resources contributed by Azim Premji.
Azim Premji is known for his modesty and frugality in spite of his wealth. He drives a Toyota Corolla and flies economy class, prefers to stay in company guest houses rather than luxury hotels and even served food on paper plates at a lunch honouring his son's wedding.
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