Indian Billionaire Transfers Rs 12,300 Crore to Trust

Discussion in 'Politics & Society' started by geoBR, Feb 24, 2013.

  1. geoBR

    geoBR Regular Member

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    Azim Premji Transfers Rs 12,300 Crore to Trust

    Azim Premji Transfers Rs 12,300 Crore to Trust | More From India | www.indiatimes.com

    Bangalore: Giving more to philanthropy, IT czar Azim Premji on Friday announced transfer of 295.5 million equity Wipro shares worth Rs 12,300 crore held by certain entities controlled by him, to an irrevocable trust. The trust will utilise the endowment to fund, various social, not-for-profit initiatives of Azim Premji Foundation, which are expected to scale significantly over the next few years, the statement said.

    With this transfer, the trust's shareholding in Wipro will go up to about 19.93 per cent, according to a statement issued by the Foundation here. The 295.5 million shares of Wipro Ltd represent around 12 per cent stake. Azim Premji is also Chairman of Azim Premji Foundation. On February 19, Premji had announced he will commit more of his wealth to philanthropy, as his Foundation scales up work to improve equity and quality of the primary education system in the country.

    The business tycoon had donated 8.7 per cent of the total stock of Wipro from his personal stock-holding for philanthropy in 2010. This had formed the endowment for the Foundation. In a letter for the first international "Giving Pledge", group, he said the Foundation currently has 800 people spread across the country: most of whom are working for the betterment of some of the most disadvantaged regions of the country, and others at the Azim Premji University.

    The Foundation is a not-for-profit organisation set up in 2001 with an overarching goal to create and sustain initiatives to contribute to a just, equitable, humane and sustainable society, it said. The Foundation has worked largely in rural India, often in close partnership with various state governments, to help contribute to the improvement of quality and equity of school education, the statement said. Currently, the Foundation's work is spread across Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Andhra Pradesh, Bihar and Madhya Pradesh, it said.

    PTI


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  3. The Messiah

    The Messiah Bow Before Me! Elite Member

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    I wonder how much will actually reach the intended people.

    He could have started schools, colleges, hospitals through his company or outsourced it while still having it under his control.
     
  4. p2prada

    p2prada Stars and Ambassadors Stars and Ambassadors

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    The Trust will be under his control, probably.
     
  5. Blackwater

    Blackwater Veteran Member Veteran Member

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    TAX saving, trust are tax free
     
  6. p2prada

    p2prada Stars and Ambassadors Stars and Ambassadors

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    So are shares. That was already tax free money.
     
  7. SADAKHUSH

    SADAKHUSH Senior Member Senior Member

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    A positive move . I would like the medium to small business to join hands and do it on a small scale in their immediate neighborhoods.
     

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