Wipro chairman Azim Premji, who was the 'most generous Indian' of 2014, has allocated an additional 18 percent of the stake he holds in the company for philanthropy, taking his total contribution for charity to more than 50 percent.
Recently, the 69-year-old head of India's third largest IT firm said that he has set aside 39% of the shares held by him in the company to a trust for carrying out philanthropic programmes, especially primary education.
Premji's 73.39 percent stake in Wipro is valued at about ₹99,500 crore.
"Apart from the Tata Trust, nothing comes close to the commitment made by him on this front," a person familiar with the development told The Economic Times.
The details of Premji's enhanced allocation for charity form part of the company's annual report for 2015.
"And now, he has two engines to carry on philanthropy—the Azim Premji Foundation, and the newly formed Philanthropic Initiatives formed to making grants to NGOs," the person added.
'Philanthropic Initiatives' works in areas such as nutrition, water, street children and the urban homeless.
"We are continuing to look at various areas, e.g., nutrition, water — the only area that we have decided on is support to NGOs working with the most vulnerable people — eg, street children, urban homeless, teenage girls from disadvantaged communities, women at risk of violence," said Anurag Behar, CEO of Azim Premji Foundation and vice-chancellor of Azim Premji University, according to ET.
Premji roped in Amnesty India head G Anantha Padmanabhan last year to establish a separate unit that focuses on donating to charities.
Many rich Indians are increasingly donating their wealth towards philanthropic activities, encouraged by the charitable work of the world's richest person Microsoft cofounder Bill Gates and billionaire investor Warren Buffet.
A minimum of 50 wealthy persons in India gave over ₹10 crore to philanthropic activities last year, said Hurun Research Institute.
The Hurun India Philanthropy List 2014 disclosed Premji, Vedanta chairman Anil Agarwal, HCL's Shiv Nadar and Ratan Tata as "most generous givers in India."
