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Azim Premji

Azim Premji

Overview
Azim Hashim Premji is an Indian business tycoon
Business magnate
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...

 and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...

 who is the chairman of Wipro Limited, guiding the company through four decades of diversification and growth to emerge as one of the Indian leader in the software industry. According to Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...

, he is currently the third wealthiest Indian, and 36th richest in the world, with a personal wealth of US$16.8 billion in 2011. In 2000, he was voted among the 20 most powerful men in the world by Asiaweek.
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Encyclopedia
Azim Hashim Premji is an Indian business tycoon
Business magnate
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...

 and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...

 who is the chairman of Wipro Limited, guiding the company through four decades of diversification and growth to emerge as one of the Indian leader in the software industry. According to Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...

, he is currently the third wealthiest Indian, and 36th richest in the world, with a personal wealth of US$16.8 billion in 2011. In 2000, he was voted among the 20 most powerful men in the world by Asiaweek. He has twice been listed among the 100 most influential people by TIME Magazine, once in 2004 and more recently in 2011. Premji owns 74% of Wipro Limited, which started off manufacturing hydrogenated cooking fats along with consumer products. It grew from a company of US $2.5 million to a giant of almost $7 billion under Premji's leadership. Wipro Technologies, the Global IT Business of the company, is one of India's largest software companies and is ranked among the top 100 technology companies globally.

Business expansion


When Azim Premji took over as its head, Wipro dealt in hydrogenated cooking fats and later diversified to bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products, and hydraulic cylinders. Thereafter Premji made a focused shift from soaps to software. The Amalner-based vanaspathi manufacturing company, the Western India Products later became Wipro Products Ltd and Wipro Limited subsequently. Under Premji’s leadership Wipro embarked on an ambitious phase of expansion and diversification. The Company began manufacturing light bulbs with and other consumer products including soaps, baby care products, shampoos, powder etc.

In the 1980s Wipro entered the IT field, taking advantage of the exit of IBM from the Indian market in 1975. Thus, Wipro started manufacturing computer hardware, software development and related items, under a special license from Sentinel. As a result, the $1.5 million company in hydrogenated cooking fats grew within a few decades to an over $6 billion diversified, integrated corporation in services, medical systems, technology products and consumer items with offices worldwide. The company’s IT division became the world's first to win SEI CMM level 5 and PCMM Level 5 (People Capability Maturity Model) certification, the latest in quality standards. A large percentage of the company’s revenues are generated by the IT division. Wipro works with leading Fortune 500 companies. Wipro also has a joint venture in Medical Systems with General Electric company.

Wipro Consumer Care launched brands like Santoor and the Wipro Shikakai in 1986; Santoor Talc and Wipro Baby Soft in 1991; Santoor Facewash, Wipro Sanjeevani Honey and Wipro Safewash in 2004; Santoor Handwash in 2006; Wipro Sweet 'n' Healthy and Chandrika Handwash in 2007 and Santoor Deo in 2010.

Wipro Consumer Care acquired brands like Glucovita in 2003; Chandrika in 2004; North West in 2006; Unza in 2007; Enchanteurand Romano in 2008 and Yardley in 2009 and Aramusk in 2011.

Azim Premji founded Wipro Lighting and Wipro GE Medical Systems in 1991; Wipro Net in 1999; netKracker in 2000; Wipro Water in 2008; and Wipro EcoEnergy in 2009.

Family


Azim Premji is married to Yasmeen.The couple have two children, Rishad and Tariq. Rishad is married to Aditi and is currently the Chief Strategy Officer of IT Business, Wipro.Tariq Premji is dating Manisha koirala,rumors say that.

Premji is known for his modesty and frugality in spite of his wealth. Also, for his integrity as he does not give or take bribes and his company has a no tolerance policy on bribery.

Honours and awards


Premji has been recognized by Business Week as one of the Greatest Entrepreneurs for being responsible for Wipro emerging as one of the world’s fastest growing companies.

In 2000, he was conferred an honorary doctorate by the Manipal Academy of Higher Education
Manipal Academy of Higher Education
Manipal University, formerly known as Manipal Academy of Higher Education or MAHE for short, is a deemed university in Manipal, Karnataka, India. It has over 20,000 students from over 50 countries...

.

In 2006, Azim Premji was awarded Lakshya Business Visionary by National Institute of Industrial Engineering, Mumbai.

He was awarded a Doctor of Literature (D.Litt.), an honorary degree, from the Aligarh Muslim University on the 18th of June 2008 on the occasion of 58th Convocation Ceremony of the University.

In 2009, he was awarded an honorary doctorate from Wesleyan University
Wesleyan University
Wesleyan University is a private liberal arts college founded in 1831 and located in Middletown, Connecticut. According to the Carnegie Foundation for the Advancement of Teaching, Wesleyan is the only Baccalaureate College in the nation that emphasizes undergraduate instruction in the arts and...

 in Middletown, Connecticut for his outstanding philanthropic work. In 2005 the government of India honored him with the title of Padma Bhushan
Padma Bhushan
The Padma Bhushan is the third highest civilian award in the Republic of India, after the Bharat Ratna and the Padma Vibhushan, but comes before the Padma Shri. It is awarded by the Government of India.-History:...

 for his outstanding work in trade and commerce.

In 2011, he has been awarded Padma Vibhushan
Padma Vibhushan
The Padma Vibhushan is the second highest civilian award in the Republic of India. It consists of a medal and a citation and is awarded by the President of India. It was established on 2 January 1954. It ranks behind the Bharat Ratna and comes before the Padma Bhushan...

, the second highest civilian award by the Government of India.

Azim Premji's Current Portfolio


Wipro Equity Reward Trust


In 1984, Azim Premji established the Wipro Equity Reward Trust to allow employees to acquire stake in Wipro's success and growth. The WERT, which is administered by a Board of Trustees is designed to give eligible employees the right to receive restricted shares and other compensation benefits at the stipulated times and conditions. Such compensation benefits include voluntary contributions, loans, interest and dividends on investments in the WERT and other similar benefits. Shares from the WERT are issued in the joint names of the WERT and the employee until such restrictions and obligations are fulfilled by the employee. After a four-year period, complete ownership of the shares is transferred to the employee.

If employment is terminated by death, disability or retirement, his or her restricted shares are transferred to the employee’s legal heirs or continue to be held by the employee, as the case may be, and such individuals may exercise any rights to those shares for up to 90 days after employment has ceased.

Azim Premji Foundation and University


In 2001, he founded Azim Premji Foundation, a not-for-profit organization, with a vision to significantly contribute to achieving quality universal education that facilitates a just, equitable, humane and sustainable society. The Foundation works in the area of elementary education to pilot and develop 'proofs of concept' that have a potential for systemic change in India's 1.3 million government-run schools. A specific focus is on working in rural areas where the majority of these schools exist. This choice to work with elementary education (Class I to VIII) in rural government-run is a response to evidence of educational attainment in India.
In December 2010, Premji pledged to donate $2 billion for improving school education in India. This has been done by transferring 213 million equity shares of Wipro Ltd, held by a few entities controlled by him, to the Azim Premji Trust.[39] This donation is the largest of its kind by any Indian billionaire.
The Azim Premji University was established under the Azim Premji University Act 2010 of the Government of Karnataka[38] to run programmes to develop education and development professionals, offer alternative models for educational change and also invest in educational research to continuously stretch the boundaries of educational thinking. Currently the university conducts three degree awarding programmes:
  • Masters in Development
  • Masters in Education
  • Masters in Teacher Education

Continuing Education


The Continuing Education Programme aims to transform existing talent in the fields of education and development. The programme is facilitated by the University Resource Centre which provides learning content and capacity building programmes for professionals in education and development through short-term certified courses.

The University Research Centre


The URC is being developed with a view to conduct relevant and meaningful research into the education system, especially in India. These researches shall be in a manner that facilitates proactive reforms to the existing education system.

External links


  • Profile at Wipro
    Wipro
    Wipro Limited formally Western India Products Limited is a global IT services and consulting company headquartered in Bangalore, India. As of 2011, Wipro is the second largest IT services company by turnover in India and employs more than 120,000 people worldwide as of March 2011...

  • Profile at Forbes
    Forbes
    Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...

  • Azim Premji collected news and commentary at The Times of India
    The Times of India
    The Times of India is an Indian English-language daily newspaper. TOI has the largest circulation among all English-language newspaper in the world, across all formats . It is owned and managed by Bennett, Coleman & Co. Ltd...