Azim Premji turns 78: All you need to know about the Czar of Indian IT industry

One of the richest businessmen in the country Azim Premji turns a year older today. As the former Wipro chairman turns 78 this year, what could be the most appropriate time to recall his legacy in the IT field and towards Wipro's transformation from a vegetable oil production company to an IT giant? Having taken responsibility of Wipro at the young age of 21, Azim Premji during his tenure of nearly six decades spearheaded complete transformation of the company making it one of the major players in global IT sector.   

He successfully led the company for 55 years and then stepped down in 2019 paving the way for his son Rishad Premji to take over as the next chairman. Presently, Wipro is India’s third largest IT company after TCS and Infosys.

The czar of the Indian IT Industry is known for his philanthropy initiatives and support to budding entrepreneurs. He owns a private equity fund named PremjiInvest, which manages more than $2 billion worth of his personal portfolio.  Premji has donated or pledged almost half of his stake holding in Wipro to charity.

Azim Premji education and early days

Azim Premji was just 21 when he had to take over the responsibilities of  Wipro after the sudden demise of his father Mohamed Premji. He was studying for a Bachelor of Science degree at Stanford University at that time. However, he had to leave his studies mid-way and he focused on the company. It was around 30 years after that in 1999 when he finally completed his education through a distance-learning arrangement.

Wipro’s transformation under Azim Premji’s leadership

After returning to India to take over the reins of his family business, Azim Premji started acting with immediate effect and diversified his father's company, originally named Western Indian Vegetable Products Ltd. While he began by delving into consumer products, it was in the 1970s when he renamed the company as Wipro Products Limited and then to Wipro Limited in 1982.

It was then that Premji made Wipro to enter the IT business and went on to establish a number of international partnerships in the field of computer hardware.

As technology stocks skyrocketed at the time, Wipro's valuation also increased significantly, making Premji one of the richest entrepreneurs at the time.

Currently Wipro is India’s third largest IT company in terms of sales and it has a market capitalisation of Rs 2.22 lakh crore.

Azim Premji philanthropy

Besides being a successful businessman, Azim Premji is also known for being a great philanthropist. In 2001, he founded the Azim Premji Foundation, a non-profit organisation aimed at improving the quality of elementary education in India. Through his foundation, he has extended computer education to thousands of schools. In FY20 and FY21, the business tycoon grabbed the top position for being India's most generous philanthropist by contributing around Rs 22 crore per day to charity. His charitable foundation has also made huge donations to various social causes including the deadly COVID-19 pandemic.