Business tycoon Azim Premji gives away 34 percent shares of company for philanthropy

A major news item for those who love philanthropy as Wipro Ltd conglomerate chairman Azim Premji has decided to give a further 34 percent of shares in the company worth $7.5 billion to support philanthropic activities.

It is obviously one of the most generous donation in Indian history.

The shares held by entities controlled by Premji have been irrevocably renounced and earmarked to the Azim Premji Foundation, the foundation said in a statement on Wednesday.

His foundation works directly in education and supports over 150 other non-profits serving under-privileged and marginalized Indians through multi-year financial grants.

The Bengaluru-based university will expand to 5,000 students with over 400 faculty members. The foundation intends to set up another university in northern India.

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