Premji’s net worth last year was $21 billion, which plummeted to $7.2 billion this year.
Of this 26 percent stake, PremjiInvest -- the family office of Wipro founder Azim Premji -- is likely to pick up a higher stake than Warburg Pincus and may get a board seat as part of this proposed transaction.
Fashion empire Louis Vuitton head Bernard Arnault had the largest individual gain of $39 billion, which catapulted him to the second spot
The outgoing chairman, who is set to step down on July 31, laid out the focus of Wipro in the coming years.
The inside story of how Wipro’s founder meticulously put in place the plan to give away his fortune to charity
Premji, the billionaire philanthropist, wants to devote more time to charitable causes through his foundation.
…and the beginning of a new one, with Rishad Premji at the helm
Wipro Chief Executive Abidali Z Neemuchwala saw his pay package grow 41 per cent to $3.9 million (about Rs 27.3 crore) during 2018-19 as compared with the previous fiscal.
As a leader, Azim Premji has always been a great role model for professionals. His rigour, detail orientation, precise questioning and the ability to take on difficult issues head on have always helped many professional managers blossom.
Stanford Masters talks to Prince Thomas about Wipro CEO Azim Premji handing over to his son Rishad and what would be the impact.
According to his father and industry seniors, Rishad, who holds an MBA from the Harvard Business School, has the qualities to meet the challenge.
Premji took over the reins of Wipro in 1966, when he was merely 21. He had to drop out of Standford, where he was doing his engineering, and take over the company after the untimely demise of his father Mohammed Hasham Premji.
Premji joined Wipro in 1966 and was named Chairman in 1968. Under his leadership the company grew from a soap company to the fourth largest IT major in the country.
The board re-appointed his son, Rishad A Premji as the Whole-time Director and Executive Chairman, for a period of five years, with effect from July 31, 2019, to July 30, 2024.
The report noted that an increased contribution from private donors would also help bridge this gap in funding, ensure the timely deployment of these funds, and ensure greater accountability.
The two trusts are Azim Premji Philanthropic Initiatives Pvt. Ltd and Azim Premji Trusts. The earnings of these two foundations go into the Azim Premji Endowment Fund, which in turn releases money for philanthropic projects.
These are the world's top 10 most philanthropic billionaires, according to Comparethemarket.com’s latest study.
Wipro Chairman Premji, who is also the chairman of Azim Premji Foundation, announced on Wednesday that he has increased his commitment to philanthropy, by irrevocably renouncing more of his personal assets and earmarking them to the endowment corpus.
Gold Plus has a manufacturing facility at Roorkee, Uttarakhand and two processing units in Haryana and Himachal Pradesh.
"Tax collection is best achieved by voluntary compliance. One of the prime drivers for voluntary compliance would be lower tax rates. Lower the rate, lower is the incentive to evade taxes as the cost of evasion would not be commensurate with the cost of compliance," he said.
Wipro is an integrated and consistently diversifying conglomerate offering multifarious products, solutions and services across systems, software, consumer care, healthcare, lighting and IT
Bharti still holds about 3 percent stake in Future Retail via a group entity called Cedar Support Services
"As we come to the end of this year, we must continue to attempt to make this world a better place. We must be constructive without yielding on the quest for a better world," he said
Azim Premji Trust along with nine other promoter entities -- who were persons acting in concert (PAC) -- offloaded a little over 17.96 crore shares during the buyback that closed on December 13.
Clients are looking to spend in technology as it is becoming a major differentiator in all businesses, Premji said at Wipro's AGM.