Azim Premji – A Tycoon with a Golden Heart

Posted on by Sandy

Wipro founder, Azim Premji, whose net worth stands at $6.6 billion, turns 75 this year. Premji is one of the world’s most charitable billionaires and has opened his heart and purse strings as India faces the Covid-19 pandemic. His magnanimous activity — Azim Premji Foundation and Wipro — the IT significant he established — put aside ₹1125 crore to battle the pandemic. This is the greatest gift made by any tycoon in India up until now. Azim Premji gave as much as $16 billion of his riches a year ago, and that influenced the aggregate riches number of 102 Indian tycoons. 

Premji would have been the second most extravagant man in India after Mukesh Ambani had he not given 75% of his riches to a noble cause. 

As indicated by Forbes, the abundance of all very rich people in India contracted by 23% to $313 billion from $406 billion a year ago. A piece of this happened in light of the fact that Premji’s riches diminished from $22.6 billion out of 2019 to $6.1 billion.

HIGHLIGHTS

  • Indian tech magnate Azim Premji’s $8.4 billion (revenue) Wipro is India’s fourth-largest outsourcer.
  • Premji gave up studies at Stanford in 1966 to look after the family’s cooking oil business when his father died, expanding it into the software.
  • Wipro has an innovation center in Silicon Valley, which is focused on developing new technologies and collaborating with startups.
  • He was honored with Padma Vibhushan — one of the country’s highest honors — for his contribution to the IT industry in India.
  • In July 2019, Premji’s son Rishad succeeded his father as Wipro’s executive chairman.
  • In April 2020, his Azim Premji Foundation pledged $134 million towards providing aid for the COVID-19 pandemic.
The President, Smt. Pratibha Devisingh Patil presenting the Padma Vibhushan Award to Shri Azim Premji, at an Investiture Ceremony II, at Rashtrapati Bhavan, in New Delhi on April 01, 2011.

A gander at Indian tech tycoon’s pay, total assets, and magnanimous activities

He is one of the pioneers of the multi-billion dollar Indian IT industry. He initiated Wipro for a long time after his arrival from Stanford University in 1966, at 21 years old. 

He transformed a small hydrogenated cooking fat firm into an $8.5 billion global IT powerhouse. This while, he drove the change of his non-IT arm Wipro Enterprises into a worldwide FMCG (quick moving customer merchandise), framework building, and clinical gadgets pioneer with an income of $2 billion out of 2018-19. 

About Azim Premji – a glimpse towards his early life

Azim Premji, in full Azim Hasham Premji, (brought into the world July 24, 1945, Bombay [now Mumbai], India), Indian business visionary who filled in as director of Wipro Limited, controlling the organization through four many years of expansion and development to rise as a world head in the product business. By the early 21st century, Premji had become one of the world’s wealthiest people.

In the year that Premji was conceived, his dad established Western Indian Vegetable Products Ltd., which delivered vanaspati, a broadly utilized hydrogenated shortening. Three years later colonial India was partitioned into mainly Hindu India and Muslim Pakistan, but the Premji’s, a Muslim family, chose to remain in India. In 1966, just before Premji was to complete his degree in engineering at Stanford University, his father died unexpectedly. Deferring his graduation, he came back to India to steer of the privately-owned company and promptly started to enhance, diving into purchaser items, for example, cleanser, shoes, and lights, just as pressure-driven chambers. 

Premji renamed the organization Wipro in 1977, and in 1979, when the Indian government asked IBM to leave the nation, he started to control the organization toward the PC business.

Here are some facts about Wipro:

  1. Wipro is one of the pioneers in the buyer showcase space.
  2. The organization was joined as Western India Vegetables Product Limited however later under the authority of Azim Premji, as the organization entered the IT space it was renamed to Wipro Limited. 
  3. Azim Premji took over the company at the age of 21 after the sudden death of his father.
  4. Wipro is a gathering of four distinct organizations, specifically Wipro Limited, Wipro Consumer Care and Lighting, Wipro Infrastructure Engineering, and Wipro GE Medical Systems Limited. 
  5. Wipro Limited is additionally separated into three divisions, in particular Wipro Technologies, Wipro Infotech, and Wipro BPO.
  6. Wipro Technologies runs 54 development centers in the world. It is now the biggest independent supplier of Research and Technology in the country.
  7. Wipro was the first company to implement Six Sigma. The company is very particular about the quality and the process and to date maintains it.
  8. Wipro currently has close to 160,000+ employees across the globe. The organization has a staff of 98 nationalities from 61 various countries in the world. The effect of Wipro can be used in more than 175 countries.
  9. Wipro is one of the biggest public-traded firms in India.
  10. Wipro is the seventh-largest IT provider business in the Region.
  11. The value of the company is valued at $11.56 billion (as of Dec 2018) in terms of total assets.
  12. Wipro provided software and hardware support for the implementation of UIDAI.
  13. Wipro recently struck a deal of $1.5 billion with Alight Solutions. It is Wipro’s biggest deal to date.
  14. Wipro’s market cap is priced at ₹1.7 lakh crores.
  15. Wipro provides IT services including Systems Integration, Consulting, Information Systems Outsourcing, IT-Enabled Services, and R&D Services. The activities include Financial Services, Banking, Infrastructure, Industry, Medical Products, Power and Electricity, Engineering, Communications, and News.
  16. Wipro entered the eco-energy business in 2008 and from that time has worked on projects and solutions to conserve energy and also minimize energy wastage.

Ajim Premji – Education and entry into the business

Wipro, the IT company he founded, at a revenue of $8.4 billion, is India’s fourth-largest outsourcer. Premji was born to an entrepreneur father Mohamed Hashem Premji and was good at studies. He was studying at Stanford (US) in 1966 when he had to abandon studies midway (at the age of 21) to look after the family’s cooking oil business when his father died suddenly. But though it took him 30 years to be able to shell out time to study again, he did complete the Bachelor of Science degree in Electrical Engineering from Stanford University.

Seizing the opportunity, riding the IT wave

Azim Premji took over his late father’s business ( Western Indian Vegetable Products Ltd began in 1945) and diversified into other products such as hydraulic cylinders, soaps, and lighting products. In 1977, he renamed his company Wipro. After IBM withdrew its business from India, Premji’s company started with manufacturing microcomputers under a technology-sharing agreement with US-based Sentinel Computers and soon diversified into providing software solutions in addition to its hardware operations. In 1999, Wipro became the only Indian computer manufacturer to receive Y2K-compliant certification from the National Software Testing Laboratory in the US.

Azim Premji – A Life of Simple living and high thinking

Premji is known to live a simple frugal lifestyle. His employees speak about his honest, modest, frugal ways of dealing in office. Wipro has an innovation center in Silicon Valley, which is focused on developing new technologies and collaborating with startups. 75-year-old Premji has two sons – Rishad and Tariq. In July 2019, Rishad succeeded his father as Wipro’s executive chairman. 

Philanthropic activities

Azim Premji’s philanthropic arm ‘Azim Premji Foundation’ was founded in 2001 and it works in the area of elementary education, focussing on rural areas to enhance the quality and equity of school education. Not only that, in April 2020, as the coronavirus swept across the world, but the foundation has also pledged $134 million towards providing aid for the COVID-19 pandemic in India. Premji is known as one among the world’s most generous billionaires after having given away $21 billion to his charitable foundation earlier.

Azim Premji: His work as Philanthropist

1- In the year 2011, Azim Premji established a non-profit organization known as Azim Premji Foundation. In December 2010, Azim Premji pledged to donate 2 billion USD for improving the conditions of school education in India. For this, Azim Premji transferred 213 million equity shares of Wipro Ltd. held by him to the  Azim Premji Foundation. This is one of the largest donations in India. 

2- In March 2019, Azim Premji pledged 34% shares of Wipro held by him to the Azim Premji Foundation. The Azim Premji Foundation has warned the citizens against the fake messages claiming to be the foundation and requesting donations for the trust. 

3- Azim Premji was the first Indian to sign ‘The Giving Pledge’ led by Warren Buffet and Bill Gates. This pledge was to encourage the wealthiest people around the globe to commit most of their wealth to philanthropy. 

4- In April 2013, Azim Premji stated that he has already given more than 25% of his wealth to charity.

5- In July 2015, Azim Premji gave away 18% of his stake in Wipro totaling his contribution so far to 39%.

Azim Premji Foundation

Azim Premji Foundation is a not-for-profit organization that has been working since 2000 with the elementary education system in rural government schools.

The Foundation began by implementing various programs to improve educational quality across the country. By 2010 notwithstanding, it turned out to be evident that chipping away at a “venture” mode was insufficient and it requires persistent exertion over numerous decades for any profound attached change to occur. This must be accomplished by setting up “organizations” which are implanted in the neighborhood setting and can work together with nearby government structures. Consequently setting up District Institutes in field areas appeared.

People Attached to the Foundation 

The Foundation offers a unique opportunity to combine professional growth with social commitment and purpose. You will be drawing in with an ability pool of energetic and exceptionally qualified individuals. Experience a situation of a high decent variety where individuals from various foundations, societies, and spaces of aptitude are joined by a typical reason. 

Enjoy a culture of getting the hang of perusing, reflecting, and drawing in with thoughts in instruction and advancement.

They believe building knowledge through research is critical but this must be deeply rooted in practical ground realities for applicability. They provide the opportunity to apply theoretical principles in the practical testbed. Dealing with the ground is an incentive for us we likewise put stock in estimating the practices. Making information jobless is something our individuals live all day every day.

Universities under Azim Premji Foundation

There is a vast diversity and the people are welcoming. The hostel is situated in two places. The first years and half of the second year stay on the main campus (UG1 – this contains the academic block too) while the rest live in another building (UG2). We have a shuttle facility for easy transportation.

The room facilities are separate for boys and girls. There are no wardens but the resident mentors are there to help and solve in case any issue. As of the UG1 campus, two people live in a room, picked through the lottery. The students are provided with two beds, a personal cupboard each, a shared bookshelf, and a study table with two chairs. There are communal washrooms for each floor. There is a 24×7 access to the lawn, cafeteria, and recreation room. Television, Gym facilities, a playground and a music room with equipment are available. There is late-night access to the library. Open mics and club activities are held after 4:30 pm. We celebrate festivals and conduct seminars too.

There are strict rules against smoking and drinking on campus. The security and non-teaching staff are kind and helpful. There will be audits once in a while to check if everything is place. In case of any issue, there’ll be an immediate response.

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