The quiet philanthropists: Premji Foundation, Tata Trusts match social spending of top Nifty companies
Mumbai/Bengaluru: India's top philanthropic organizations are spending money comparable to the social spends of the country's biggest for-profit companies, a trend that has come to light after Bengaluru-based Azim Premji Foundation disclosed its financials for the first time in its quarter-century of existence.
As per the reported financials, the eponymous not-for-profit entity of billionaire Azim Premji spent ₹1,528 crore on philanthropy in 2024. That was more than twice the ₹699.31 crore spent by the Tata Trusts in the same year, according to financials filed by the entity.
The spends by the two Indian philanthropic organizations are on par with the CSR (corporate social responsibility) expenditures of the country's largest companies, including Reliance Industries Ltd, HDFC Bank Ltd, and Tata Consultancy Services (TCS) Ltd, according to aMintreview.
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Reliance Industries spent ₹1,592 crore on CSR initiatives in 2024, followed by TCS and HDFC Bank, which spent ₹953 crore and 945.1 crore, respectively. Following them were ONGC (Oil and Natural Gas Corporation) and Tata Steel Ltd, which spent ₹634.5 crore and ₹580 crore, respectively, in 2024. Infosys Ltd took the sixth spot, spending ₹577 crore.
To be sure, unlike philanthropic entities that are not bound by any regulation in terms of amounts to be spent, enterprises are mandated to spend a portion of their profits on CSR initiatives. According to the Companies Act, 2013, companies with a net worth of ₹500 crore or more, turnover of ₹1,000 crore or more, or net profit of ₹5 crore or more, must spend at least 2% of the average profits in the three preceding years on CSR activities.
'There was no particular reason why we decided to share this report," a spokesperson for Azim Premji Foundation said when asked about philanthropic entities sharing their numbers, adding that the financials will be shared 'periodically".
The foundation spent ₹594 crore on teacher training in government schools across 60 districts, healthcare, and livelihood, according to the foundation's website disclosure. It also gave ₹934 crore in grants to non-government organizations (NGOs).
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Tata Trusts' two principal trusts, Sir Ratan Tata Trusts & Allied Trusts, and Sir Dorabji Tata Trusts & Allied Trusts, spent ₹575.47 crore and ₹123.84 crore last year.
'Azim Premji Foundation and Tata Trusts are trailblazers in the Indian philanthropic world," said Amitabh Jaipuria, chief executive officer of Accelerate Indian Philanthropy (AIP), a peer network set up by philanthropists to support their giving efforts.
Jaipuria said foundations like Azim Premji Foundation and Tata Trusts not only carry out social projects independently, but also make grants to several grassroots organizations to achieve social outcomes.
Tata Trusts is an umbrella entity of 15 philanthropic organizations, which own 65.9% of Tata Sons, the principal holding company of the Tata Group. The Shapoorji Pallonji family owns 18.38% of Tata Sons' shares, while nine Tata Group companies own 12.86%. Seven individuals own the remaining 2.87%.
After becoming the country's richest businessman at the turn of the century, Premji set up the Azim Premji Foundation in 2001, with an initial corpus of $125 million worth shares of Wipro. Over the past 24 years, according to public disclosures made by Wipro, Premji has given 66% of the shares he owned in the company to the foundation. Premji donated $21 billion, or 92% of his wealth, making him arguably the country's most generous billionaire.
Infosys Ltd's co-founder and chairman, Nandan Nilekani, has described Premji as a 'giant figure".
Wipro shares with the Foundation were worth $20 billion at the end of trading on Wednesday. Additionally, Premji has transferred the ownership of Premji Invest, his family office with $14 billion in assets under management, to the foundation.
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Finally, the foundation also owns 20.29% shares of Wipro Enterprises Ltd, the privately held non-IT business of Azim Premji. Valued at $10 billion in 2023, Wipro Enterprises houses the group's consumer care and engineering businesses. This translates to an additional $2 billion holding for the Azim Premji Foundation, which implies its endowment corpus is about $36 billion.
The foundation's endowment was valued at $29 billion at the end of January 2023, according to the disclosure made by Azim Premji University, which has two campuses in Bengaluru and Bhopal.
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