Tag Archives: Azim Premji – Founder and Chairman – Wipro

Wipro’s Azim Premji donated Rs 27 crore per day in FY21, retains top giver rank

Amazing Feats, Business & Economy, Community Involvement / Social Issues, Karnataka (under research project), Leaders, World Opinion, , , , ,

Bengaluru, KARNATAKA :

Wipro’s Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21.

Indian business tycoon Azim Premji
Indian business tycoon Azim Premji (Photo | PTI)

Mumbai :

Software exporter Wipro’s Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21.

Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL’s Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes.

Mukesh Ambani of Reliance Industries, India’s richest man by a distance, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore.

The second richest Indian Gautam Adani is eighth on the givers’ list with a donation of Rs 130 crore towards disaster relief.

Infosys co-founder Nandan Nilekani’s ranking improved to fifth with a Rs 183 crore donation with “societal thinking” being identified as the primary cause.

“At present, most of the money is going to fundamental aspects like education and healthcare because of the requirements on the ground. Nilekani has indeed made interesting contributions, and in 10 years, we will have broader civil society issues feature as primary causes,” Hurun India’s managing director and chief researcher Anas Rahman Junaid said.

He said as the age profile of the givers shifts to those under-40, and many of them being self-made ones also presents a hopeful picture.

There are a few new entrants into the list, including the largest stocks investor Rakesh Jhunjunwala, who donated a fourth of his overall earnings or Rs 50 crore in FY21 with efforts on education.

hunjunwala, who recently had a private meet with Prime Minister Narendra Modi, is among the backers of Ashoka University, as per a statement.

Brothers Nithin and Nikhil Kamath committed USD 100 million (Rs 750 crore) over the next few years to support individuals, organisations and companies working on solutions for climate change and are 35th on the list.

Former chairman of engineering major Larsen & Toubro, A M Naik, is 11th on the list with a donation of Rs 112 crore, it said, adding that he has pledged to give away 75 per cent of his income for charitable purposes.

Others in the top ten givers include the Hinduja Family, Bajaj Family, Anil Agarwal and the Burman family.

Nine women find their place in the list led by a Rs 69 crore donation by Rohini Nilekani of Rohini Nilekani Philanthropies and, followed by Leena Gandhi Tewari of USV who donated Rs 24 crore, and Anu Aga of Thermax donated Rs 20 crore.

Based on the place of residence, Mumbai led with 31 per cent of the list and was followed by New Delhi 17 per cent and Bengaluru 10 per cent.

The pharma industry has the largest number of philanthropists followed by automobile and auto components and software and services.

source: http://www.newindianexpress.com / The New Indian Express / Home> Business / by PTI / October 28th, 2021

‘Azim Premji: The Man Beyond the Billions’ review: The making of an entrepreneur and a philanthropist

Amazing Feats, Books (incl.Biographies - w.e.f.01 jan 2018 ), Business & Economy, Community Involvement / Social Issues, Education, Green Products, Karnataka (under research project), Leaders, Science & Technology, World Opinion, , , , , , ,

Bengaluru, KARNATAKA / Mumbai, MAHARASHTRA :

How Azim Premji expanded his business from vegetable oils to info-tech and put his money where his heart is

The story of a person can be inspiring. The authors have chosen their subject well, for, everyone knows of Azim Premji, but few truly know what makes the man.

A book about such a person, if well-written, may possibly inspire the reader into action. In this case, soon after you read the book, it’s difficult not to look up the Azim Premji Foundation website, to see if it had any volunteering opportunities, even if you have done nothing like it before!

In chronicling any life, it is easy to get mired down with mind-numbing detail that comes your way if you are sifting through 50-odd years’ worth of the protagonist’s hits and misses. The authors have done well to stick to the most interesting parts of Premji’s life. Two things stand out across events and across time: his integrity and a penchant for frugality.

Zest for austerity

His insistence on paying for personal calls made on his office phone is legendary. His friends know of his love for cars but also about his unwillingness to spend fanciful amounts on one.

He once wanted to buy a Fiat that was registered in Wipro’s name. He got the finance department involved in the discussion as he wanted to play by the rules and pay for the purchase. But with depreciation, the car’s value was zero to the company. The transaction did not go through.

At one point, his friends were agog with excitement at his purchase of a Mercedes, but it was… hold your breath… a second-hand one!

At another time, when his team was preparing to welcome clients on a visit to headquarters, and took Premji over the arrangements that included meals from a five-star hotel, he quipped, “If our cafeteria is good enough for our employees, it should be good enough for clients too!”

It’s probably the same zest for austerity that had him pleased while on a U.S. visit, when two of his senior-most executives bought lunch for the three of them at a Burger King outlet for less than $7.50! And, this was a man who didn’t bat an eyelid when an employee of the vegetable oils business lost ₹25 lakh in a year in a trading position.

A long journey

The book chronicles the journey of Wipro from the time the Premjis put down roots in Mumbai. It throws light on the man’s spirit of entrepreneurship, as the company cautiously experimented with opportunities — expanding from vegetable oils to engineering products, computer hardware, tech services and consumer care and lighting. It also does not shy away from some of Wipro’s missteps such as the investment in financial services, a business which withered away despite the group’s entry into the space after much thought and preparation.

His management style

While doing justice to the man’s talent for perseverance, the authors have touched upon his management style that many say cramped some CEOs under his chairmanship. His taking over as CEO in 2005 after the abrupt exit of Vivek Paul, said to have been primed for the post, or his decision to have a joint CEO structure soon after, at a time when competitors were blazing ahead, had raised eyebrows in the world of IT services at the time.

The reader may get the sense that the authors occasionally sound deferential when talking about the man or his family. But, it’s difficult not to be overawed by someone who has never sold a single share in his company but who chose to give away $21 billion worth of wealth to his foundation, leaving his two sons with shares valued at about ₹65 crore. How can one give away so much wealth and still, on the morning the news about the latest transfer to the foundation breaks, irritably ask an employee — who speaks of congratulatory messages overwhelming social media — “What’s all the fuss about?” ?

This book is a must-read for anyone who can read English.

Azim Premji: The Man Beyond the Billions; Sundeep Khanna, Varun Sood, HarperCollins, ₹699.

bharatkumar.k@thehindu.co.in

source: http://www.thehindu.com / The Hindu / Home> Books> Reviews> Profile / by K Bharat Kumar / January 16th, 2021

Wipro, Azim Premji Foundation commit Rs 1,125 cr to tackling coronavirus

Amazing Feats, Business & Economy, Community Involvement / Social Issues, COVID 19 - Community of Soldiers, Karnataka (under research project), Leaders, Science & Technology, World Opinion, , , , , , ,

Bengaluru, KARNATAKA :

WiproMPOs03apr2020

IT major Wipro Ltd, Wipro Enterprises Ltd and Azim Premji Foundation, have together committed Rs 1,125 crore towards tackling the unprecedented health and humanitarian crisis arising from the COVID-19 pandemic.

“These resources will help enable the dedicated medical and service fraternity in the frontline of the battle against the pandemic and in mitigating its wide-ranging human impact, particularly on the most disadvantaged of our society,” the companies  said in a statement.

Of the Rs 1,125 crore, Wipro Ltd’s commitment is Rs 100 crore, Wipro Enterprises Ltd’s Rs 25 crore, and that of the Azim Premji Foundation is Rs 1,000 crore. These sums are in addition to the annual CSR activities of Wipro, and the usual philanthropic spends of the Azim Premji Foundation, the statement added.

Integrated action will be taken for a comprehensive on-the-ground response in specific geographies, it said.

source: http://www.deccanherald.com / Deccan Herald / Home> Business> Business News / by DHMS, Bengaluru / April 02nd, 2020

Azim Premji to retire as executive chairman and MD of Wipro by end of July

Business & Economy, Community Involvement / Social Issues, Karnataka (under research project), Leaders, Science & Technology, World Opinion, , , , ,

Bengaluru, KARNATAKA :

azimpremjiMPOs06jun2019

IT major Wipro founder Azim H. Premji, who turned a small maker of vegetable oil into a $8.5 billion software behemoth, will retire as the company head by July-end and handover reins of the firm to his son, Rishad.

Mr. Premji, who turns 74 next month, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years, Wipro said in a statement.

He, however, will continue to serve on the board as a non-executive director for five years till July 2024 and has also been conferred the title of founder chairman.

Wipro board also announced that chief executive officer and executive director Abidali Z. Neemuchwala will be re-designated as CEO and managing director, while Rishad Premji will be re-appointed as whole-time director for a period of five years with effect from July 31, 2019, to July 30, 2024. Mr. Rishad Premji will be designated as executive chairman.

These changes will be effective July 31, 2019, subject to shareholders’ approval.

₹52,750 crore for philanthropic activities

A recipient of Padma Bhushan and Padma Vibhushan awards, Mr. Azim Premji now plans to devote more time for philanthropic activities.

He had, in March 2019 gifted an additional ₹52,750 crore of the company’s shares to support philanthropic activities, making it the most generous donation in the nation’s history.

About 34% of shares held by companies controlled by Mr. Azim Premji, India’s second-richest person, were irrevocably renounced and earmarked to the Azim Premji Foundation, taking the total donations to over ₹1.4 lakh crore.

Mr. Azim Premji’s Foundation, which works in the education sector and supports over 150 non-profits serving under-privileged with financial grants, has 67% of economic ownership of Wipro.

‘Pioneers of Indian technology industry’

“Azim Premji, one of the pioneers of the Indian technology industry and founder of Wipro Limited will retire as executive chairman upon the completion of his current term on July 30, 2019 after having led the company for 53 years. However, he will continue to serve on the board as non-executive director and founder chairman,” Wipro said in a statement announcing the top deck changes.

Mr. Azim Premji transformed a small hydrogenated cooking fat firm to a $8.5 billion global tech titan that is counted among India’s top IT exporters and also led the transformation of Wipro Enterprises into a global FMCG, infrastructure engineering and medical devices powerhouse, with revenues of about $2 billion.

He will remain the chairman of Wipro Enterprises and continue to chair the board of Wipro-GE Healthcare, the statement added.

“It has been a long and satisfying journey for me. As I look into the future, I plan to devote more time to focus on our philanthropic activities. I have great confidence and trust in Rishad’s leadership to steer Wipro in its next phase of growth as we move forward,” Mr. Azim Premji said.

‘Unflinching commitment’

Commenting on the changes, chairman designate Mr. Rishad Premji said Wipro has, over the decades, demonstrated that success can built on the foundation of strong values and uncompromising integrity.

“This is a testament to the spirit and dedication of thousands of Wiproites. I am very excited about our future and the opportunity to create value for all our stakeholders in these transformative times for Wipro and the technology industry,” he said.

Ashok S. Ganguly — independent director and chairman, Board Governance, Nomination and Compensation Committee at Wipro — said Mr. Azim Premji’s “unflinching commitment” to values made him an exemplar of how business and ethics can and must go together.

“His exceptional generosity makes him one of the greatest philanthropists of our time,” he added.

Mr. Ganguly further said that Mr. Rishad Premji’s understanding of the global technology industry, strong strategic orientation and diverse leadership experience make him the “right person to guide Wipro”.

“He is also best positioned to represent the interests and fundamental social purpose of the largest shareholder of Wipro,” Mr. Ganguly noted.

source: http://www.thehindu.com  / The Hindu / Home> Business / by  PTI / Bengaluru – June 06th, 2019