Outsourcing kingpin hands $2bn to Indian education charity
Wipro chief Premji showers gold on his pet foundation
The boss of Indian offshorer Wipro Ltd, Azim Premji, is handing about $2bn to his own charitable foundation.
The exact amount depends on share prices; Premji is transferring 213 million equity shares in Wipro Ltd to the Azim Premji Foundation over the next few days. The move will be completed by 7 December.
The charity, which opened in 2001, works mostly in rural India in partnership with state governments. It specialises in education projects and works with 25,000 schools.
The AP Foundation lobbies to change India's exam-based schooling – which it believes encourages teaching by rote rather than encouraging the teaching of problem-solving, comprehension and skills. It aims to encourage classroom reform by changing the way Indian schools test children.
The foundation also works to encourage computer-aided education and increase local community involvement in schools. The foundation also works to improve access to education for disadvantaged groups such as the children of migratory workers employed in the building industry.
The influx of cash will allow the charity to extend its work in improving education to cover most of India.
The charity is also building a teacher training university in tech centre Bangalore. It should open in the middle of 2011.
More information on the Azim Premji Foundation's website. ®