Friday, June 21

Tag: Azim Premji

Indian Billionaire & Wipro founder Azim Premji Set to retire
News

Indian Billionaire & Wipro founder Azim Premji Set to retire

Indian billionaire and Wipro Ltd founder Azim Premji, who turned a small maker of vegetable oil into a USD 8.5 billion software behemoth, will retire as the company head by July-end and hand over reins of the firm to his son, Rishad. Premji, who turns 74 next month, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years, Wipro said in a statement. Rishad Azim Hasham Premji is Wipro's Chief Strategy Officer since May 2015 and has been on the company board since 2018. A BA in Economics from Wesleyan University in US and an MBA degree holder from Harvard Business School, he is also Chairman of National Association of Software and Services Companies (NASSCOM). Wipro board also announced that chief executiv...
Wipro’s Azim Premji Bestowed with the Highest French Civilian Distinction
News

Wipro’s Azim Premji Bestowed with the Highest French Civilian Distinction

Wipro chairman Azim Premji has been honoured with the highest French civilian distinction known as the Chevalier de la Legion d'Honneur (Knight of the Legion of Honour). He has been bestowed this honour for his contribution towards the information technology industry. Premji received the award from Alexandre Ziegler, Ambassador of France to India. “I am extremely honored by the award bestowed on me. The vibrancy of the French democracy and its diversity is an inspiration to all across the world,” Premji said. Talking about the honour, the Legion of Honour is the highest civilian award given by the French Republic for outstanding service to France which was instituted by Napoleon Bonaparte in 1802. This award is given regardless of the nationality of the recipients. “The award was b...
All You Need to Know About Azim Premji’s Second Son Tariq Premji
News

All You Need to Know About Azim Premji’s Second Son Tariq Premji

India’s second-richest businessman Azim Premji’s youngest son Tariq Premji has reportedly been appointed as the non-executive director of the board of Wipro Enterprises Limited. Azim Premji who is the Chairman of Wipro Enterprises did not want his sons to take over his business. In this regard, Premji expressed, "We have many more mature people and probably more effective people in the organisation. You cannot hand an organisation of this complexity and size to sons. I think anyone who takes over has to earn it on merits and this job requires a fair degree of maturity. It's a complex job, a global job." Tariq is the third family member to join the board, after his father and his elder brother Rishad Premji. The eldest son Rishad Premji is also on the company's board as a non-executive di...
Azim Premji Makes $130 Million in Flipkart Deal
BUSINESS

Azim Premji Makes $130 Million in Flipkart Deal

The Walmart-Flipkart $16 billion acquisition must be the biggest fortune that could ever fall on investors in India’s largest e-commerce platform as they are set to receive their biggest payday. However, the e-commerce platform boasted international investors exclusively and therefore, Indians that will benefit from the $16 billion deal are only Flipkart founders and employees. However, one Indian investor will get around 420% returns on an investment he made 4 years ago in fashion e-commerce platform, Myntra, that was subsequently acquired by Flipkart. Indeed, the chairman of Wipro Limited and third richest man in India, Azim Premji is going to receive $130 million from his $25 million investment in Myntra thanks to the acquisition of Flipkart by Walmart, according to two people bri...
Elliott Management buys 0.04% of Wipro’s stakes
FUNDING

Elliott Management buys 0.04% of Wipro’s stakes

Elliott Management, the activist hedge fund credited in the change of Cognizant’s business model two years ago, recently bought a tiny stake in Wipro, the Information Technology Services Corporation. This investment further highlights the 34-billion hedge fund company’s interest in Indian IT companies as it presently owns two companies in this sector out of their 40 US listed stocks. In the December quarter of last year, Elliott Management acquired 1.85 million of Wipro’s American Depositary Receipts (ADR), amounting 0.04% of the company’s shares, according to US Securities & Exchange Commission (SEC) filings. Both Elliott Management and Wipro declined to comment on questions related to the latter’s stake. This deal somehow appears to be different from Elliott Management’s activi...
After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders
News

After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders

Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart. According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board for the acquisition. The beleaguered firm has a number of investors including PremjiInvest, Ontario Teachers Pension Plan, Ratan Tata, Foxconn, Temasek and BlackRock among others. Emails sent to Snapdeal and Credit Suisse did not elicit any response. PremjiInvest the personal investment arm of Wipro chairman Azim Premji and a minority investor in Snapdeal -- had written to the company seeking greater clarity on the deal terms. It has also called for equal treatment of ...
Wipro Chief Azim Premji Denies Media Report on Selling Wipro stake
News

Wipro Chief Azim Premji Denies Media Report on Selling Wipro stake

Wipro Limited Chairman Azim Premji has denied a media report that promoters of the IT company were evaluating sale of their holdings and said he "remains committed to Wipro." In his letter to Wiproites, he had termed the news article reportedly published in this regard as "baseless and malicious." A news website had yesterday quoting banking sources reported that the promoters of the Indias third-largest IT services company are in the early stages of evaluating the sale of the company or some of its units, and have even approached investment banks. In the letter sent out late last night to its employees, Premji said he continued to be "incredibly excited" about the potential of the IT industry and Wipro. "Over the past 50 years, I have seen Wipro grow from a small regional play...
Azim Premji Salary Package Received 63% Cut, No Commission Paid This Year
News

Azim Premji Salary Package Received 63% Cut, No Commission Paid This Year

Wipro Chairman Azim Premji's pay package saw a huge 63 per cent fall at USD 1,21,853 (about Rs 79 lakh) last fiscal, with no commission being paid during the year. The IT czar had drawn a larger compensation of USD 3,27,993 (about Rs 2.17 crore) in the previous fiscal. Premjis package included USD 66,464 in salary and allowances and USD 41,742 (others) and USD 13,647 in long-term compensation (deferred benefit - companys contribution to the Provident Fund and Pension Fund), totalling to USD 121,853 for the year 2016-17, as per documents with the US SEC. "Azim H Premji is entitled to a commission at the rate of 0.5 per cent on incremental net profits of Wipro for the fiscal 2017 over the previous year. For the year ended March 31, 2017, commission paid to Azim H Premji is INR Nil,"...
KKR-Backed Emerald Media, Premji Invest Lead $35 Million Funding Round in Amagi Media Labs
FUNDING

KKR-Backed Emerald Media, Premji Invest Lead $35 Million Funding Round in Amagi Media Labs

Emerald Media, the Pan-Asia company backed by leading global investment firm KKR for investing in the media and entertainment sector, today announced that it has acquired a significant minority stake in Amagi Media Labs (‘Amagi’), the leader in targeted TV advertising and cloud-based TV broadcast infrastructure. Premji Invest, the investment arm of Azim Premji, (an existing shareholder) is also participating in this combination of primary and secondary US$35 million Series D round. Mayfield India and Nadathur Holdings will continue to remain invested in the Company. Headquartered in Bengaluru with offices in New York City, London, and Hong Kong, Amagi is a next-generation media technology company providing cloud-based managed broadcast services and targeted advertising platforms to c...
Abidali Neemuchwala Wipro Draws $1.8 Mn Pay Package in FY16
News

Abidali Neemuchwala Wipro Draws $1.8 Mn Pay Package in FY16

In his first year at Wipro, former TCS veteran got an annual pay package of USD 1.8 million (about Rs 12.04 crore). This is higher than what his predecessor and former CEO T K Kurien earned at Bengaluru-based IT major. However, his peers at rivals Infosys and Tata Consultancy Services (TCS) have fatter pay packages. According to a regulatory filing, Neemuchwala received USD 859,079 in salary and allowances, USD 351,213 in commission/variable pay, USD 575,122 as other payouts and USD 21,216 as long-term compensation during the financial year ended March 31. Infosys Vishal Sikkas package for the year stood at Rs 48.73 crore package, while that of TCS chief N Chandrasekaran was Rs 25.6 crore (USD 3.8 million) in addition to a special bonus of USD 1.49 million. Sikka, who is credited wi...
Premji Invest: A Investment group led by Azim Premji
Story

Premji Invest: A Investment group led by Azim Premji

Working quietly since 2006, Premji Invest investment firm has built up positions and funded around 40 publicly listed and private companies out of a corpus of $1 billion (Rs4,290 crore). Yet, its operations are shrouded in secrecy and the firm has consciously avoided building a public profile. Premji Invest is a private equity fund owned by Azim Premji, which manages over $2 billion of Azim Premji's personal wealth by investing in capital markets and picking minority stakes in start-ups, including homegrown e-commerce companies such as Flipkart and mobile payment companies such as Chennai-based Financial Software and Systems. The investment ratio for Premji Invest is analysed as follows: Till date, more than 60% of its total cash have gone in capital markets, buying stocks of firm...