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Azim Premji turned a small family-owned cooking oil company into a multi-billion IT outsource company.
In this blog, we are going to talk about the magnificent success story of Azim Premji, who according to Forbes report worth USD 7.2 billion in October 2019.
Premji was born in Mumbai in the year 1945. His father was also an eminent businessman, Mohamed Hashem Premji, who founded the Western Indian Vegetable Products Limited, producing vegetable shortening and refined oils. Dalda Ghee (vegetable shortening) which is a household name in India, is the oldest product of Wipro.
After completing his education in Mumbai, Premji went to Stanford University to study electrical engineering. But he had to drop out before completing the course because of the sudden demise of his father. He ascended to the helm of Wipro, then a USD 2 million company, at the age of just 21 years. However, the beginning of his journey wasn’t easy, stakeholders weren’t ready to put trust on 21 years old Premji.
Reforming Wipro
Initial rejection solidified Premji’s resolve to propel Wipro to the global arena. Under his leadership, Wipro diversified its product range and ventured into FMCG products like toiletries, baby products, personal care, hydraulic cylinder and more. In 1970, Wipro made a shift in its focus from FMCG to the software.
Azim Premji is a living example that a man’s action has the power to reshape a nation. In 1977, the government at the centre changed. The newly formed Shastri government didn’t like FDIs and multinationals like CocaCola were asked to leave India. IBM, the only IT company in India, also left the shores. Premji envisioned future and took on the newly created open market for IT service rendering. He rebranded Western Indian Vegetable Products to Wipro. Wipro focused on offering IT solutions, in collaboration with the US-based Sentinel Computer Corporation.
Post-liberalisation, Wipro became one of the largest IT service outsourcer in the country. In 2000, Wipro listed itself in the US through American Depository Receipts (ADRs). During the period of 1998-2003, Premji remained the richest Indian.
Philanthropic Activities
Azim Premji is one of the three non-Americans to join Bill Gates – Warren Buffet’s ‘The Giving Pledge’. He has pledged to donate one-fourth of his total wealth under The Giving Pledge. Hurun India recognized him as the most substantial Indian in their Philanthropic List. He set up the Azim Premji Foundation, a trust that focuses on societal causes. The foundation is engaged in reforming the education system in the remote areas of India. They run teachers’ training programs, involved in improving curriculum, and generate employment for more than a hundred employees.
In his lifespan, Azim Premji has received many awards and recognition, both an as eminent business person and a philanthropist. The life of the 75 years old business tycoon teaches us the power of forward-thinking and seizing opportunities. In 2005, the Indian government conferred him Padma Bhushan for his exceptional contribution towards business and trade. He also features in the list of 100 most influential people in the world.
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