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February 25, 2013

Indian Mogul Azim Premji Gives $2.3-Billion to Trust

Three days after becoming the first Indian to sign the Giving Pledge, technology magnate Azim Premji donated nearly $2.3-billion worth of shares in his company to his charitable trust, The Wall Street Journal reports.

Mr. Premji, ranked India's third richest man by Forbes, announced the donation Friday of 295.5 million shares in Wipro, his family's tech consulting and outsourcing firm, to the Azim Premji Foundation. It is his second major gift to the trust, following a $1.95-billion share donation in December 2010.

The foundation supports education initiatives in rural Indian communities and operates a university for the poor. Mr. Premji said the charity's programs "are expected to scale significantly over the next few years" and that it will increase staff from the current 800 to about 4,000.