BENGALURU: Wipro chairman Azim Premji has established a new philanthropic venture with focus on awarding grants to non-profits working in socially important areas like nutrition, disabilities, support for the marginalized, and governance.
This initiative is distinct from Azim Premji Foundation which will continue to focus on education.
"The Azim Premji Philanthropic Initiatives is also focused on the same purpose of contributing towards building a just, equitable, humane and sustainable society. As of now, we are building a team, with expertise in relevant areas, and developing a strategy," Azim Premji Foundation CEO Anurag Behar said
With a net worth of $16.4 billion, Premji is India's biggest philanthropist. Since 2010, he has transferred more than $4 billion to a trust that controls the Foundation. It's not clear how much of this will be earmarked for the new initiative, or whether a fresh allocation will be made.
The Foundation works across seven states in the country that has 350,000 schools, to improve the quality and equity in government school education. It has also established the Azim Premji University in Bengaluru to develop talent and research for the education and broader social sector. It currently has about 1,200 people.
Behar said that while the Foundation does most work by itself, and the new entity will be a "grant-making" entity. "It will make grants to various not-for-profit organizations," he said.
Premji, whose family owns 75% stake in Wipro, was the first Indian to sign up for the Giving Pledge initiative started by Microsoft founder Bill Gates and billionaire investor Warren Buffett. The pledge obliges the person to donate a majority of wealth to philanthropy. Three Indian-Americans — Vinod Khosla, Manoj Bhargava and Romesh Wadhwani — are also among the signatories.
In his letter to the Giving Pledge, Premji had said: "I strongly believe those of us privileged to have wealth should contribute significantly to try and create a better world for the millions who are far less privileged. I will continue to act on this belief."
Source: http://timesofindia.indiatimes.com/business/india-business/Social-NGOs-will-get-funding-from-new-Premji-wing/articleshow/45253333.cms
This initiative is distinct from Azim Premji Foundation which will continue to focus on education.
"The Azim Premji Philanthropic Initiatives is also focused on the same purpose of contributing towards building a just, equitable, humane and sustainable society. As of now, we are building a team, with expertise in relevant areas, and developing a strategy," Azim Premji Foundation CEO Anurag Behar said
With a net worth of $16.4 billion, Premji is India's biggest philanthropist. Since 2010, he has transferred more than $4 billion to a trust that controls the Foundation. It's not clear how much of this will be earmarked for the new initiative, or whether a fresh allocation will be made.
The Foundation works across seven states in the country that has 350,000 schools, to improve the quality and equity in government school education. It has also established the Azim Premji University in Bengaluru to develop talent and research for the education and broader social sector. It currently has about 1,200 people.
Behar said that while the Foundation does most work by itself, and the new entity will be a "grant-making" entity. "It will make grants to various not-for-profit organizations," he said.
Premji, whose family owns 75% stake in Wipro, was the first Indian to sign up for the Giving Pledge initiative started by Microsoft founder Bill Gates and billionaire investor Warren Buffett. The pledge obliges the person to donate a majority of wealth to philanthropy. Three Indian-Americans — Vinod Khosla, Manoj Bhargava and Romesh Wadhwani — are also among the signatories.
In his letter to the Giving Pledge, Premji had said: "I strongly believe those of us privileged to have wealth should contribute significantly to try and create a better world for the millions who are far less privileged. I will continue to act on this belief."
Source: http://timesofindia.indiatimes.com/business/india-business/Social-NGOs-will-get-funding-from-new-Premji-wing/articleshow/45253333.cms
