Azim Premji the Indian Business man step down
Azim Hashim Premji (born 24 July 1945) is an Indian business tycoon, investor, and philanthropist, who is the chairman of Wipro Limited. He is informally known as the Czar of the Indian IT Industry. in Bombay Presidency, British India. He attained a degree in Electrical engineering from Stanford University. He had not even completed graduation his father died and Premji had to delay his plans of further studies to help out in the family business ‘Western Vegetable Indian Products’, which was situated in Bombay. In the 1980s Premji changed the soap and oil producing company to a global player.
He is currently the second richest person in India with an estimated net worth of US$21.5 billion as of May 2019. In 2013, he agreed to give away at least half of his wealth by signing The Giving Pledge. Premji started with a $2.2 billion donation to the Azim Premji Foundation, focused on education in India.
- 1945, Muhammed Hashim Premji incorporated Western Indian Vegetable Products Ltd, based at Amalner, a small town in the Jalgaon district of Maharashtra.
- 966, on the news of his father’s death, the then 21-year-old Azim Premji returned home from Stanford University, where he was studying engineering, to take charge of Wipro.
- 1980s, the young entrepreneur, recognising the importance of the emerging IT field, took advantage of the vacuum left behind by the expulsion of IBM from India, changed the company name to Wipro and entered the high-technology sector by manufacturing minicomputers under technological collaboration with an American company SentinelComputer Corporation.Thereafter Premji made a focused shift from soaps to software.
- 2000, he was conferred an honorary doctorate by the Manipal Academy of Higher Education.
- 2006, Azim Premji was awarded Lakshya Business Visionary by National Institute of Industrial Engineering, Mumbai.
- 2009, he was awarded an honorary doctorate from Wesleyan University in Middletown, Connecticut for his outstanding philanthropic work.
- 2015, Mysore University conferred an honorary doctorate on him.
- 2005, the Government of India honoured him with the title of Padma Bhushan for his outstanding work in trade and commerce.
- 2011, he has been awarded Padma Vibhushan, the second highest civilian award by the Government of India.
- 2017, India Today magazine ranked him 9th in India’s 50 Most powerful people of 2017 list.
- 2001, he founded Azim Premji Foundation,a non-profit organization.
- December 2010, he pledged to donate US$2 billion for improving school education in India. This has been done by transferring 213 million equity shares of Wipro Ltd, held by a few entities controlled by him, to the Azim Premji Trust. This donation is the largest of its kind in India.
- 2019, Premji pledged an additional 34% of Wipro stock held by him to the foundation. At a current value of about USD 7.5 billion, this allocation will bring the total endowment from him to the foundation to USD 21 billion.
- Premji has said that being rich “did not thrill” him. He became the first Indian to sign up for The Giving Pledge, a campaign led by Warren Buffett and Bill Gates, to encourage the wealthiest people to make a commitment to give most of their wealth to philanthropic causes. He is the third non-American after Richard Branson and David Sainsbury to join this philanthropy club.
- “I strongly believe that those of us, who are privileged to have wealth, should contribute significantly to try and create a better world for the millions who are far less privileged”— Azim Premji (AP)
- In April 2013 he said that he has already given more than 25 per cent of his personal wealth to charity.
- In July 2015, he gave away an additional 18% of his stake in Wipro, taking his total contribution so far to 39%