Azim Premji is the chairman of Wipro Limited, and he is an Indian business magnate, investor, engineer, and philanthropist. Premji is dubbed “Czar of the Indian IT Industry” jokingly.
Azim Premji is one of India’s wealthiest men, most recognized for his generosity rather than his fortune or economic acumen. Premji’s net worth was $9.8 billion as of April 2022, according to Forbes. Wipro Limited (WIT), India’s fourth-largest outsourcer of IT services, is where he makes his money.
In 1945, Mohamed Premji, the father of Azim Premji, launched Wipro as Western Indian Vegetable Products Ltd., a maker of hydrogenated cooking fats. Premji’s father was a well-known rice merchant at the time.
When his father died suddenly in 1966, Azim Premji completed his education in Mumbai and was studying electrical engineering at Stanford University in the United States.
Azim Premji returned to Stanford to finish his engineering degree, which he received in 1999, more than 30 years after quitting. At the age of 21, he became the chairman of Wipro, over shareholder opposition. In 1977, he changed the company’s name to Wipro and expanded the company’s product portfolio to include hydraulic cylinders, soaps, and lighting.
Mr. Azim Premji’s Net Worth
Mr. Premji’s entire net worth is estimated to be $9 billion dollars, or 66, 000 crore rupees in Indian currency (i.e. approx Sixty Six Thousand Crore INR). Mr. Premji’s net worth has also increased by 30% over the last few years, according to reports.
Mr. Azim Premji also controls 73 percent of Wipro and a private equity vehicle called “Premji Invest” that oversees his personal portfolio worth $2 billion dollars.
Mr. Azim Premji also manages the “Azim Premji Foundation,” a non-profit organization that has been working in rural government schools for the past 17 years. He has been recognized as one of the country’s most prominent men and as the most influential individual.
|Net Worth:||$9 Billion|
|Net Worth In Indian Rupees:||Rs 66000 Crore|
|Salary:||3000 Crore +|
|Monthly Income:||275 Crore +|
Donation of Wealth
Azim’s net worth peaked at $23 billion, placing him as the world’s 36th wealthiest person. Because Azim has given away more than 80% of his income to charity, his rating has plummeted throughout the years. His net worth was $4.5 billion in the middle of 2019.
Premji’s career began in 1966 when he had to leave Stanford University after learning of his father’s death and return home to run his father’s business, which he had founded in 1945. Wipro was based in Amalner, Maharashtra, at the time, and sold Sunflower Vanaspati cooking oil and 787, a laundry soap byproduct of the cooking oil industry.
Premji expanded its product line by producing baking fat, various types of lights and related items, toiletries created from locally sourced materials, hydraulic cylinders, hair care soaps, and baby toiletries. To break into the high-tech sector, he renamed his company Wipro and began manufacturing microcomputers. He worked on this project with an American company called Sentinel Computer Corporation. He quickly transitioned from fast-moving consumer products to technology.
Assets of Azim Premji
House: Mr. Premji lives in a magnificent residence in Bangalore, India that he purchased in 2005. The estimated value of this real estate property is 350 crore Indian rupees. He also has a number of real estate holdings in the United States.
Azim Premji Automobiles: Mr. Azim Premji has a sizable car collection and owns a couple of the world’s most prestigious luxury automobiles. McLaren, Toyota, BMW, Mercedes-Benz, Bentley, and Rolls-Royce are among Mr. Azim Premji’s car brands.
Azim Premji’s Dependency on His Net Worth
Mr. Premji has personal investments, and his vision of education is fast expanding, as are his multiple foundations that work around the clock to alter the world and way of life.
We may be very optimistic about his net worth, which will expand over time, based on his current performance and the annual growth of the company as well as the individual.
Following IBM’s exit from the nation in 1980, Wipro entered the IT market. Under a technology-sharing arrangement with Sentinel Computers of the United States, the company began producing microcomputers. It later added software to its physical operations.
Azim Premji and Wipro launched several businesses in the 1980s. In 1983, he opened a factory to make hydraulic tipping systems, followed by industrial and hydraulic cylinders.
Wipro and General Electric (GE) launched a strategic joint venture in 1989 called Wipro GE Medical Systems to produce and distribute imaging products, which became a Wipro subsidiary the following year.
Azim Premji will be remembered for a variety of reasons, including his charity, which is possibly the most important. He has previously donated $21 billion of his fortune as part of the Giving Pledge, which commits the world’s wealthiest people to donate the bulk of their fortune to charity organizations.
Premji was the first Indian and only the third non-American to take this oath. Premji also gave two-thirds of his Wipro stock to a separate educational charity. The Azim Premji Foundation, which was established in 2001 as a non-profit organization, strives to improve India’s elementary education.
It also created a university in Bengaluru, India, and collaborates with schools and governments in a variety of Indian districts to enhance education holistically rather than simply financially.
Wipro expanded into the manufacturing of lamps, powders, oil-based natural substances, medical and diagnostic equipment, and IT hardware items like printers and scanners after India’s economic liberalization in 1991.
In the 1990s, it also entered the IT services industry, becoming one of the first to experiment with offshore IT services. The National Software Testing Laboratory in the United States certified Wipro as the only Indian computer company to be Y2K-compliant in 1999.
It has formed a joint venture in India with KPN to offer Internet services. Wipro was one of India’s top software exporters and the second-largest listed company in India when it was listed in the United States via American Depositary Receipts the following year.
Wipro continued to perform strongly in the late 1990s and early 2000s, with IT maintaining the company’s primary focus. It also launched a Business Process Outsourcing (BPO) unit in 2002, and from 1998 to 2003, it was one of the best-performing stocks on Indian stock exchanges.
The Corporate Structure of Wipro
When Vivek Paul, the company’s founder, and CEO, stepped down in 2005, Azim Premji took over as CEO until 2008. This was followed by a shift in corporate structure that saw dual CEOs installed until 2011 when the corporation reverted to a single CEO.
A chief operating officer (COO) was hired to assist the CEO with day-to-day operations, product delivery, and customer satisfaction. The CEO was able to focus on global operations and future strategies after hiring a COO.
Wipro’s revenue growth slowed after the global financial crisis of 2008, forcing management to alter its business model in order to pursue new customers both outside and inside the United States.
Wipro’s revenues increased from $2 million in the late 1960s to nearly $7 billion in 2014 under Premji’s leadership, with IT accounting for roughly 75% of total income. Wipro’s chairman, Azim Premji, stepped down in July 2019 and was succeeded by his son, Rishad. The corporation reported sales of $8.4 billion in its 2018-2019 annual report.