Inspired by Mahatma Gandhi, billionaire tech tycoon Azim Premji gives away the bulk of his riches
a 67% stake in his IT outsourcer, Wipro, worth $15 billion, stakes in consumer business Wipro Enterprises and PremjiInvest, his family office.
“ It’s an awesome gesture, “ says biotech billionaire Kiran Mazumdar-Shaw, Premji’s close friend and fellow Bangalore resident. “Azim has taken Indian philanthropy to another level. ” Mazumdar-Shaw, who's donated $30 million to date, has committed to giving away much more; like Premji, she's signed the Giving Pledge and has pledged to donate 75% of her wealth.
As per Bain & Company’s recently released India Philanthropy Report 2019, while private philanthropic capital has grown 15% between 2014 and 2018, it’s still “punching below its full potential” and the ultra-rich in India need to step up more.
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