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Azim Premji
Indian business tycoon, investor (born 1945) From Wikipedia, the free encyclopedia
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Azim Hashim Premji (born 24 July 1945) is an Indian businessman and philanthropist, who was the chairman of Wipro. Premji remains a non-executive member of the board and founder chairman.[4][5][6] In 2010, he was voted among the 20 most powerful men in the world by Asiaweek.[7] He was listed among the 100 most influential people by Time magazine, in 2004 and 2011.[8] For years, he has been regularly listed one among The 500 Most Influential Muslims.[9][10] He also serves as the Chancellor of Azim Premji University, Bangalore. Premji was awarded Padma Vibhushan, India's second highest civilian award, by the Government of India.[11]
In October 2023, Forbes estimated Premji's net worth at $11.6 billion.[12] In 2013, he signed the Giving Pledge, committing to give away at least half of his wealth, starting with a $2.2 billion donation to the Azim Premji Foundation, focused on education in India.[13] He has topped the EdelGive Hurun India Philanthropy List on multiple occasions.[14][15]
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Early life and education
Premji was born in Bombay, British India in an Gujarati Ismaili Muslim family.[1][16] His father was a noted businessman and was known as Rice King of Burma. Muhammad Ali Jinnah, founder of Pakistan, invited his father Muhammed Hashim Premji to come to Pakistan, he turned down the request and chose to remain in India.[17]
Premji has a Bachelor of Science in Electrical Engineering degree from Stanford University.[18] He is married to Yasmeen Premji. The couple have two children, Rishad and Tariq. Rishad Premji is currently the Chairman of the Wipro.[19]
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Career
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In 1945, Muhammed Hashim Premji incorporated Western Indian Vegetable Products Ltd, based at Amalner, a small town in the Jalgaon district of Maharashtra. It used to manufacture cooking oil under the brand name Sunflower Vanaspati, and a laundry soap called 787, a byproduct of oil manufacture.[20] In 1966, 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.[21] The company, which was called Western Indian Vegetable Products at the time, dealt in hydrogenated oil manufacturing but Azim Premji later diversified the company to bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products, and hydraulic cylinders. In the 1980s, in the aftermath of the expulsion of IBM from India, Premji changed the company name to Wipro and entered the high-technology sector by manufacturing minicomputers in technological collaboration with an American company Sentinel Computer Corporation.[22][23] Thereafter, Premji made a focused shift from soaps to software.[24]
In 2006, Premji set up his family office named PremjiInvest (PI).[25][26]
Recognition
- Premji has been recognised by Business Week as one of the "Greatest Entrepreneurs".[27]
- In 2000, he was conferred an honorary doctorate by the Manipal Academy of Higher Education. In 2006, Azim Premji was awarded Lakshya Business Visionary by National Institute of Industrial Engineering, Mumbai.[28]
- In 2005, the Government of India honoured him with the title of Padma Bhushan for his work in trade and commerce.[29]
- In 2009, he was awarded an honorary doctorate from Wesleyan University in Middletown, Connecticut for his philanthropic work.[30] In 2015, Mysore University conferred an honorary doctorate on him.[31]
- In 2011, he was awarded Padma Vibhushan, the second-highest civilian award by the Government of India.[32]
- In April 2017, India Today magazine ranked him 9th in India's 50 Most powerful people of 2017 list.[33]
- In 2018, Premji was conferred with Chevalier de la Légion d'Honneur (Knight of the Legion of Honour) – the highest French civilian distinction by the French Government.[34]
- In 2019, Forbes put Premji in the list of the world's most generous philanthropists outside of the US.[35]
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Philanthropy
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Azim Premji Foundation
In 2001, he founded the Azim Premji Foundation, a non-profit organization[36] focused on improving the public school system in disadvantaged regions of India.[37]
In December 2010, he pledged to donate US$2 billion for improving school education in India by transferring 213 million equity shares or 8.7% stake in Wipro, held by a few entities controlled by him, to the Azim Premji Trustee Company.[38] In February 2013, he transferred a 12% stake in Wipro to the Azim Premji Foundation.[39][40] In July 2015, he gave away an additional 18% of his stake in Wipro to the foundation, taking his total contribution to 39%.[41][42]
In March 2019, Premji pledged an additional 34% of Wipro stock held by him to the foundation, increasing the total endowment from him to the foundation to US$21 billion,[43][44] which made him the top Indian philanthropist.[45]
In April 2020, the Azim Premji Foundation, Wipro, and Wipro Enterprises committed ₹1,125 crore (US$140 million) to COVID-19 relief efforts.[46] This was followed by an additional commitment of ₹1,000 crore in June 2021 to support the universal vaccination program.[47]
The Giving Pledge
In 2013, Premji 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 club.[48][49]
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
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External links
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