Wipro chairman Azim Premji became the first Indian to donate 50 per cent of his wealth after he signed up for the 'Giving Pledge' an undertaking led by Warren Buffett and Bill Gates, among others. The pledge makes it mandatory for CEOs to donate a majority of their wealth.
The Wipro founder and chairman, who has already committed nearly 9,000 crore to the cause of education, will now give more to charity. Premji is the third non-American after Richard Branson and David Sainsbury to join the philanthropy club.
Premji had donated 8.7 per cent of the total stock of Wipro from his personal stock-holding for philanthropy in 2010. In a note to the 'Giving Pledge' organisation, the 67-year-old technology business tycoon wrote, "I was deeply influenced by Gandhi's notion of holding one's wealth in trusteeship, to be used for the betterment of society and not as if one owned it".
Even as cases of financial fraud are dotting cyber space across the world, Indians seem more forthcoming in giving out their personal information for personalised services.
Footwear major Woodland, owned by the Aero Group, is looking to re-position its sub-brand 'Woods' in the luxury footwear segment, focusing primarily on women's footwear, a top company official said Friday.
Global ratings agency Standard & Poor's said its outlook on India remained negative and there was a one-in-three likelihood of a downgrade within the next 12 months.
US industrial production, an indicator of the output of mines, factories and utilities, dropped 0.5 percent in April, US Federal Reserve reported.
Two Indian IT firms are feeling the heat of the recent $ 45 million global ATM heist.
Pleading guilty to 'felony charges' relating distribution of adulterated drugs made at two India units, the US subsidiary of Ranbaxy agreed to pay USD 500 million.
from Hindustan Times
An Indian-origin board member of the influential UK India Business Council said he is rethinking the role of off-shore tax havens in the current economic climate.