Azim Premji, who cut short his education to look after the family business after the death of his father in 1966, will use a portion of the wealth accumulated in shares of his company, Wipro, to build schools, train teachers, and fund other educational activities.
Premji, chairman of India’s third biggest IT services exporter, will do this by transferring about 8.6% stake worth over 8,000 crore to a private trust controlled by him. The trust will then use the money to finance the educational initiatives being carried out under the ambit of the Azim Premji Foundation.
What Premji has done is very exceptional and will hopefully set the direction for other industry captains. Instead of selling the shares, Premji has chosen to transfer the shares & has set a very good example of Corporate social responsibility.
The foundation has touched over 25,000 schools and over 2.5 million children since it was set up in 2001 by working with state governments and assisting government-run schools. For the first time, it will now set up and run a few elementary schools on its own.
Source :ET
No comments:
Post a Comment