Azim Premji | Business Upturn

List of companies owned by Azim Premji

Matrika Shukla — Fri, 15 Mar 2024 14:16:27 +0000

Azim Premji, a billionaire Indian businessman and philanthropist, is renowned for his pivotal role in transforming Wipro Limited into a global technology powerhouse. Born on July 24, 1945, in Bombay (now Mumbai), India, Premji’s journey to the pinnacle of the IT industry began with an unexpected turn of events.

In 1966, at the age of 21, Premji assumed the reins of his family’s modest vegetable oil business, Wipro, following the untimely demise of his father. Under Premji’s visionary leadership, Wipro underwent a metamorphosis, evolving from a small consumer products company into a multinational technology behemoth. With a focus on innovation, customer-centricity, and operational excellence, Premji steered Wipro into the realm of information technology, offering cutting-edge IT services, consulting, and business process services to clients across the globe.

Here’s a list of companies owned by the global tech leader, Azim Premji:

Wipro Ltd.

Led by Azim Premji, Wipro Ltd. has become a leading global provider of business process services, consulting, and information technology. With its main office located in Bangalore, India, Wipro employs more than 240,000 people to service clients on six continents. Wipro, one of India’s leading IT companies, reported an impressive $10.4 billion in revenue for the fiscal year 2022–2023, led by CEO Thierry Delaporte.

Wipro’s broad range of offerings, which includes cybersecurity solutions, cloud migration, and digital strategy consulting, has allowed the organisation to adapt to the changing needs of clients in a number of different sectors. Wipro is a company that never stops pushing the boundaries of innovation and sustainability. Its cutting-edge solutions propel digital transformation for its global clientele.

Premji’s perseverance and strategic sense helped Wipro expand into a multibillion-dollar company with operations in more than 50 nations. His unwavering drive for expansion and dedication to quality have solidly positioned Wipro as one of India’s leading suppliers of IT services, earning him the respect and admiration of both clients and colleagues in the business.

Tube Investments of India Ltd.

A diversified conglomerate, Tube Investments of India Ltd. (TII) is well-known in the manufacturing, engineering, and metal-formed product industries. Since its founding in 1949, TII has grown to become a significant force in the Indian market, providing a broad range of goods and services for the automotive, industrial, and engineering sectors, among others.

For the fiscal year 2022–2023, TII reported $1.3 billion in revenue under the direction of CEO Vellayan Subbiah. Because of its dedication to quality, innovation, and customer satisfaction, the company has been able to establish trusting relationships with well-known brands and keep a competitive advantage in the market.

Balrampur Chini Mills Ltd.

In the Indian sugar industry, Balrampur Chini Mills Ltd. (BCML) is a well-known player with a distinguished history spanning more than eight decades. With its main office located in Uttar Pradesh, BCML runs multiple integrated sugar complexes and distilleries that generate ethanol, sugar, and other related products.

Under the direction of CEO Vivek Saraogi, BCML recorded $1.2 billion in revenue for the 2022–2023 fiscal year. The company has established itself as a leader in the sugar industry and made a substantial contribution to India’s agricultural and rural economies thanks to its dedication to sustainable practices, technological advancements, and operational efficiency.

Apart from his exceptional commercial accomplishments, Azim Premji is well-known throughout the world for his charitable activities. His commitment to social responsibility has led him to donate a significant amount of his wealth to Indian social and educational initiatives, making a lasting impact on the country’s progress.

Premji’s extraordinary journey from leading a modest family business to helming a multinational technology giant has earned him numerous accolades, including being named one of the 100 most influential people in the world by TIME magazine. His unwavering dedication, foresight, and philanthropic spirit have not only transformed Wipro into a global powerhouse but also inspired countless individuals to embrace the virtues of ethical leadership and corporate social responsibility.

Wipro Board greenlights merger of 5 wholly-owned subsidiaries to parent company

Mahita Jain — Wed, 18 Oct 2023 12:40:17 +0000

Wipro, led by Azim Premji, announced a significant move as its board approved the merger of five wholly-owned subsidiaries into the parent company, ‘Wipro Ltd.’ The subsidiaries include Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademark Holding, and Wipro VLSI Design Services. The merger will happen only if it gets approval from the regulators.

The board, in its meeting on October 17-18, 2023, has approved a plan to merge different parts of the business. This decision is part of a strategy to bring together operations, make things work better together, cut costs, organize the legal structure, and simplify legal and regulatory responsibilities.

Wipro emphasized that since the subsidiaries are wholly-owned entities, no shares of the parent company will be allotted under the scheme of amalgamation in lieu or exchange for the shares of the subsidiaries. Consequently, this approach ensures that there will be no alterations in the shareholding pattern of Wipro Ltd. as a result of the proposed merger.

The company made it clear that the plan to bring everything together depends on getting the right approvals from the law. This fits into Wipro’s bigger plan to make things work better, encourage teamwork inside the company, and make its structure simpler for long-term success.

SC lauds Azim Premji for forgiving a man who filed over 70 misconceived cases against him

Himanshu Mishra — Sat, 12 Mar 2022 16:21:25 +0000

The Supreme Court applauded Azim Hashim Premji for taking a beneficial notion of the matter and conceded to forgive the past code of a person who through his firms had registered more than 70 litigations against Premji and his allies.

“We are happy to remark that Azim Hashim Premji has taken an effective view of the matter and decided to pardon the past conduct of R Subramanian, more so, in view of the financial problems he has confronted and to take also a gracious view of the amounts due from him to the group firms of Premji, ” announced a bench of justices Sanjay Kishan Kaul and MM Sundresh told.

The bench also announced that “The current proceedings have revealed that there is nothing difficult as long as the parties are ready to see the certainty of a given problem. More than 70 trials, misconceived as they are, commenced by the respondents will be brought to an end on a realization by R Subramanian, who strives to repent for his past conduct and needs to begin a new chapter in his life.”

On the last date of hearing Senior Advocate Mukul Rohatgi, had decided to convince Azim Hasham Premji to take a more gracious view of the conduct of R Subramanian and to leave a closure to all problems, subject to the circumstance that he and the affiliates who face a barrage of litigation earn an apology for his past code from Subramanian.

Subramanian has ensured to lend the effort to revoke the several proceedings pending before courts, tribunals and statutory permissions against the appellants Premji and their Group.

Subramanian has documented an affidavit as per his certainty given on the last date of attending with annexures of properties, list of firms and details of PILs registered by him pending before the Courts.

The Court also permitted Azim Hasham Premji’s appeal, and announced, “We must record our achievement at having facilitated the parties in completing at the aforesaid arrangement and giving rise to the present proceedings and a number of other proceedings to an end.”

“Suffice to say, we find that the beginning of the criminal proceedings as well as the decision of the High Court are entirely unsustainable and therefore set aside both of them,” the Court announced. Premji had reached the Supreme Court last year distrusting the Karnataka High Court order. Karnataka HC had dismissed their pleas for quashing summons granted against them by the trial court.

Wipro reports a standalone net profit of ₹2,969 crore in Q3

Keertiman Upadhyay — Wed, 12 Jan 2022 10:47:00 +0000

On Wednesday, January 12, IT giant Wipro reported its financial results for Q3FY22 i.e. December quarter. The net profit for the quarter was Rs 2,969 crore.

The standalone net profit for Q3 has a fall of 8.67% as compared to the net profit of the September quarter. The companies revenue from operations rose to Rs 20,313 crore compared to the revenue of Rs 15,670 crore last period. The board has declared an interim dividend of Rs 1/share.

“Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 mn revenue league, in the last 12 months,” said MD, Thierry Delaporte. Regarding the outlook for Q4, the company stated that it is expecting revenue to be in the range of $2,692 million to $2,745 million.

“Our strategy and improved execution continue to serve us well, and we are confident of building on this momentum. We are also excited to have completed the acquisitions of Edgile and LeanSwift Solutions in the quarter, both of which will add to our capabilities significantly,” MD further added. On the NSE, Wipro shares were trading in red. The scrip closed at Rs 691/share with a fall of 0.45%.

Premji Invest becomes marquee investor for Tanla Platforms Ltd

Ayisha Farah — Tue, 16 Nov 2021 17:10:37 +0000

Premji Invest, the investment branch of Azim Premji’s endowment and philanthropic enterprises, has invested in India’s largest CPaaS provider Tanla Platforms Ltd, the company’s CEO Uday Reddy declared on Tuesday.

“We welcome Premji Invest to our list of marquee investors. Mr Azim Premji is a luminary best known for building global businesses and a gold standard for corporate governance and philanthropy. Look forward to this association into the future!” Uday Reddy said in a tweet.

We welcome Premji Invest to our list of marquee investors. Mr.Azim Premji is a luminary best known for building global businesses, and a gold standard for corporate governance and philanthropy.Look forward to this association into the future!

— Uday Reddy (@udaydasari) November 16, 2021

The type of investment and the expense is not revealed. Tanla Platforms concocts above 800 billion interactions yearly, and about 63% of India’s A2P SMS traffic is processed through Trubloq, making it one of the world’s most notable Blockchain use cases.

The Hyderabad-based company has newly recorded a 67% year-on-year growth in net profit at ₹136 crores, while income from services increased 44% year-over-year to ₹841 crores. Premji Invest has been engaged in funding in the Indian markets for above ten years. The centre of the properties has been to develop medium-sized Indian companies into big companies that can rival globally.

Investments of Premji Invest is beyond divisions like consumer, financials, technology, and manufacturing and involves brands like Fab India, Hygienic Research, ID foods, Lenskart, Policy Bazaar, Flipkart, Gold Plus Glass, and Shubham Housing. On Tuesday, Tanla Platforms shares jumped to 5% to conclude at ₹1,325.95 on NSE.

Azim Premji ranks 1st among the Indian philanthropist for the second consecutive year

Cheryll Jain — Thu, 28 Oct 2021 12:28:41 +0000

Azim Premji, Former Chairman of IT giant Wipro Ltd, retained his status as “India’s most generous” person for the second consecutive year in 2021. His total donations for the period of 2020-2021 stood at Rs 9,713 crores as per the EdelGive Huran Philanthropy List 2021. Azim Premji donated Rs 27 crore a day to retain his top rank among Indian philanthropists in 2021.

Premji was first named the country’s most generous person in 2020 for his donations made during the year 2019-2020, which amounted to a total of Rs 7,904 crores, elevating him to the top of the Huran Philanthropy List released last year.

The eighth edition of the list released this year also mentions HCL’s Shiv Nadar, who retained his spot at the second position with an annual donation of Rs 1,263 crores. Meanwhile, Mukesh Ambani, Chairman of Reliance Industries and India’s richest man, placed third on the list with total annual donations of Rs 577 crores.

Ambani was succeeded by Kumar Mangalam Birla with donations worth Rs 377 crore. Moreover, the second richest Indian Gautam Adani placed eighth on the givers’ list with a donation of Rs 130 crore towards disaster relief.

The donations were measured by the value of each featured person’s cash or cash equivalents from April 1, 2020, to March 31, 2021. This year’s list also saw some first-time appearances from notable personalities.

India’s largest stocks investor Rakesh Jhunjunwala placed on the list for the first time following donations amounting to 25 per cent of his overall earnings or Rs 50 crore in FY21 with efforts on education.

Brothers Nithin and Nikhil Kamath donated Rs 25 caress in 2021, placing 35th on the ranking. The Zerodha founders also committed $100 million or Rs 750 crore over the next few years to assist individuals, organisations and firms working on solving the climate crisis. Nikhil Kamath, aged 35, is also the youngest person on the list.

Nine women philanthropists made it onto the list, led by a Rs 69 crore donation by Rohini Nilekani, followed by Leena Gandhi Tewari of USV who donated Rs 24 crore, and Anu Aga of Thermax who donated Rs 20 crore.

Famous quotes by the IT intellect of India – Azim Premji

Shivya Kumar — Thu, 14 Oct 2021 13:17:12 +0000

Azim Premji is one of the most popularised billionaires of India. He is said to be an engineer, investor and philanthropist and also the chairman of Wipro Limited. Known to be the Czar of the Indian IT industry. He is the leading head behind the divergence and the growth of Wipro accounted for the establishment of great heights across the globe. Which is why we enlisted some of the Famous inspiring quotes quoted by to inspire individual of all spheres down below :

“People are the key to success or extraordinary success.”
“Success is achieved twice. Once in the mind and the second time in the real world.”
“Leadership is the self-confidence of working with people smarter than you.”
“You cannot get into business for the fashion of it.”
“If people are not laughing at your goals, your goals are too small.”
“I strongly believe that those of us, who are privileged to have wealth, should contribute significantly to try and create a better world for the millions who are far less privileged.”
“I think that any wealth creates a sense of trusteeship… it is characteristic of the new generation which has created wealth to have some amount of responsibility for it.”
“There are millions of children today who don’t attend school. However, education is the only way to get ahead in this country.”
“A girl child who is even a little bit educated is more conscious of family planning, health care and, in turn, her children’s education.”
“One of the pre-requisites for children becoming proactive and responsible citizens is the availability of enough role models inside and outside the school.”
“People have to take control of their own lives. Education is key because it also raises other social indicators like healthcare.”
“I think the advantage of democracy is that it makes us less dependent on a group of leaders.”
“As you get bigger, you have to learn to delegate. It’s also an excellent way to get staff involved in the company’s operations.”
“The three ordinary things that we often don’t pay enough attention to, but which I believe are the drivers of all success, are hard work, perseverance, and basic honesty.”
“When the rate of change outside is more than what is inside, be sure that the end is near.”
“You cannot mandate philanthropy. It has to come from within, and when it does, it is deeply satisfying.”
“The responsibility of philanthropy rests with us. The wealthier we are, the more powerful we get. We cannot put the entire onus on the government.”
“Excellence is a great starting point for any new organisation but also an unending journey.”

Interesting and unknown facts about Azim Premji – The famous philanthropist of India

Shivya Kumar — Thu, 14 Oct 2021 13:15:17 +0000

Azim Premji is one of the most popularised business tycoons of India. The billionaire is the founding father and the chairman of the Wipro IT Industry. Premji is also said to be one of the top philanthropists of India. Yet somehow there are many things about Premji you might not know yet which is why we have enlisted some of the top interesting and unknown facts about him down below :

An invite from Pakistan

It is known that the father of Azim Premji is Muhammad Hashem Premji, who is said to have gotten an invitation from the Pakistani authorities to come to Pakistan. This invitation was sent across by the establisher of Pakistan Muhammad Ali Jinnah. But the invitation was declined by his father as he decided to stay back in India during the partition.

Completion of his education after 30 long years

At the age of 21 Azim Premji was pursuing his Bachelor’s degree in Science but due to his father’s demise, he had to drop out from Stanford University and had to discontinue his education but later on its said he completed his education after 30 years.

Inspirational Idol

It has been accounted that Azim Premji major source of inspiration facilitates be Jehangir Ratanji Dadabhoy Tata.

Believes in Charity

As we all are aware Azim Premji believes in giving out and helping out individuals. So in total, he accumulates to do a lot of charity. He also transferred 8.6% of his stake to the Azim Premji Foundation and the total estimated value of these funds is about Rs 8646 crore. It is said to be the biggest percentage to be ever donated in India.

Awards

He is said to be facilitated with Padma Vibhushan which is accounted to be the second-highest civilian award in India. He was given this honour in the year 2011.

These were some of the unknown and interesting facts accumulated by us about Azim Premji.

Net worth of the famous business tycoon Azim Premji

Shivya Kumar — Thu, 14 Oct 2021 13:12:41 +0000

One of the most famous personalities of India Azim H Premji. He is a billionaire business tycoon, investor engineer and philanthropist. He is set to be the most diligent and popularised leader of all time in the Indian IT industry. In 2010 Asiaweek enlisted him in the list of the 20 most powerful men in the world. In the business accommodation, he is said to have turn heads by expanding Wipro from a vegetable oil manifestation to a software enormity. Time Magzine has instituted him twice under the top 100 influential personalities around the world. His company is said to generate a total net profit of about $ 8.47 billion.

Around the age of 21, he took over his father’s company, after his father died, which was then known as Western Indian Vegetable.

The establishment was accounted to make hydrogenated oil but Premji constituted to expand his business league into various sectors like bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products, and hydraulic cylinders.

Had a good understanding and eye for the business thesis, Premji incorporated the business tangibility of the IT industry well in the year 1980 and was perceived to enter the world of technology and computing. From there on started to initiation of Wipro which facilitated conjuring minicomputers and other devices related to the gadget world.

Later on, Premji established Azim Premji Foundation in 2001 which is said to be a non-profit organisation that sustains establishing a proper education system in India. In later years he donated $ 2 billion which is said to be the largest donation ever made in India for the enhancement of the education sector. Then later on presented to give out about 34 per cent of the Wipro stocks to the foundation.

He is said to be the first Indian to be a collaborative part of The Giving Pledge, a campaign led by Warren Buffett and Bill Gates which aims to inspire wealthy people across the globe to make a contribution to their profits for philanthropic causes. The industrialist is said to be heading the Wipro establishment for about 53 years but in 2019 he resigned but still serves to be on the board as the non-executive director and its founder-chairman. He is said to have a net of about $8.7 billion. Wipro is also said to have ownership in the Silicon Valley where installs to equipment related to technology and during the ongoing pandemic the previous year Premji provided with a donation of $150 million.

Thus one of the most acclaimed personalities of India.

Indian Billionaires stands together in difficult time of COVID crisis

News Desk — Fri, 23 Apr 2021 09:25:22 +0000

Recently, Indian billionaires like Mukesh Ambani, Ratan Tata, Jindals, Vedanta, Mittals and others billionaires came forward and decided to produce oxygen cylinder to fullfill the need and demand which currently country needs

Reliance: Billionaire Mukesh Ambani’s Reliance Industries Ltd has tweaked manufacturing at its Jamnagar oil refineries to produce over 700 tonnes a day of medical-grade oxygen which is being supplied free of cost to states badly affected by COVID-19.

Tata Steel: “Medical oxygen is critical to the treatment of COVID-19 patients. Responding to the National urgency, we’re supplying 200-300 tons of Liquid Medical Oxygen daily to various State governments & hospitals. We are in this fight together & will surely win it!,” Tata Steel said a statement on Twitter.

Compassionate gesture by the Tata Group.

Together, the people of India will fight COVID-19. https://t.co/7LnemItJ0j

— Narendra Modi (@narendramodi) April 20, 2021

The Tata group is importing 24 cryogenic containers to transport liquid oxygen and help ease the oxygen shortage in the country. #ThisIsTata @PMOIndia @narendramodi @AmitShah

— Tata Group (@TataCompanies) April 20, 2021

PM @narendramodi's appeal to the people of India is laudatory and we at the Tata Group, are committed to doing as much as possible to strengthen the fight against #COVID19. To mitigate the oxygen crisis, here is one such effort to boost health Infrastructure.

— Tata Group (@TataCompanies) April 20, 2021

Last year Tata Trusts and Tata Sons- donated Rs 1,500 crore towards coronavirus relief funds for providing protective equipment to medical personnel, respiratory systems for treating increasing cases, testing kits to ramp up testing in the country and setting up treatment facilities for those who have already caught the virus.

Vedanta Group: Vedanta has offer to supply oxygen from its closed Sterlite copper plant at Thoothukudi in Tamil Nadu. The company has written separate letters to Union Health Minister Harsh Vardhan; Tamil Nadu Chief Minister and Tamil Nadu Chief Secretary in this regard.

Vedanta said that the plant contains two oxygen plants with a combined capacity to produce 1,050 tonnes of oxygen daily.

“We would like to now offer these facilities for your use towards ensuring that there is no lack of this vital commodity in the nation,” Pankaj Kumar, CEO, Sterlite Copper

“We can start in five to six days if you give a go ahead today. The company can manufacture tonnes of oxygen there everyday and is ready to supply them free of cost,” Vedanta Group.

Arcelor Mittal Nippon Steel India :(AMNS India) said it is supplying 200 tonnes of medical oxygen per day to health facilities in Gujarat.

“Supply of this crucial medical requirement from our oxygen plant in Hazira…is in line with our social commitment to stand with our authorities and safeguard communities during these trying times,” AMNS India CEO Dilip Oommen was quoted as saying by the company in a tweet on Saturday.

JSW Steel: The company said on Saturday that the company is supplying oxygen for medical purposes as a priority in response to the current crises. “Currently, the supplies are ramped up to over 185 tonnes and making every effort to increase further from all our steel plants across the country,” JSW Steel said.

Transportation: The entire supply of oxygen by RIL, including transportation in special tankers at minus 183 degrees Celsius, is made at no cost to the state governments

Founder of Wipro Azim Premji : Azim Premji has also contributed in this difficult time, He set India’s 1st Covid-19 Hospital in Pune Maharashtra

So these are the billionaires of the country who unit themselves and contributing immensely their services in this difficult situation. These is the example of oneness.

“All differences in this world are of degree, and not of kind, because oneness is the secret of everything”. Swami Vivekanand.

Wipro completes its Rs 9,500 crore share buyback programme

Sarthak Yadav — Sun, 17 Jan 2021 09:59:07 +0000

Wipro, the IT giant, announced on Saturday that it has completed the ₹9,500-crore share buyback programme. The programme was initiated on December 29, 2020 and closed on January 11, 2021.

The buyback resulted in Wipro founder chairman and the Czar of Indian IT industry Azim Premji Entities tendering 22.89 crore shares worth about Rs 9,156 crore during the process, a regulatory filing reported.

The report further declared, “(A total of) 23.75 crore equity shares were bought back under the buyback at a price of Rs 400 per equity share…The total amount utilized in the buyback is Rs 9,500 crore.”

As reported by Moneycontrol, Azim Premji Trust tendered 19.87 crore shares, Mr Azim Hasham Premji Partner Representing Hasham Traders tendered 1 crore shares and Azim Premji Philanthropic Initiatives tendered 51.82 lakh shares, the filing said. Mr Azim Hasham Premji Partner Representing Zash Traders and Mr Azim Hasham Premji Partner Representing Prazim Traders tendered 75 lakh shares each, it added.

The current status of the enterprise post buyback is that the promoters hold 73.04% stake in the company, while the remaining 26.96 percent stake is held by foreign investors, financial institutions and others.

Wipro reported 21% rise in consolidated net profit at ₹2,968 crore for the quarter ending 31 December, 2020, It was ₹2,456 crore in the year-ago period. Total revenue rose marginally to ₹15,670 crore in Q3FY21. Wipro expects a sequential growth of 1.5% to 3.5%. The interim dividend declared by Wipro was Rs.1 per share.

Earlier in January, Tata Consultancy Services (TCS), Wipro’s biggest competitor also completed ₹16,000-crore buyback offer, under which over 5.33 crore equity shares were bought back at a price of ₹3,000 apiece.

Criminal proceedings against Azim Premji and wife over illegal transfer of assets

Divya Joyce — Sat, 19 Dec 2020 09:06:30 +0000

The Supreme Court on Friday stayed criminal proceedings against the former chairman of Wipro, Azim Premji, and his wife on their plea seeking quashing of the summons issued by a Bengaluru trial court on a ‘frivolous and mischievous’ complaint filed by an NGO alleging breach of trust and corruption in the merger of three firms with a Premji group firm.

Chennai-based NGO India Awake for Transparency had accused the Premjis of illegally transferring assets from the firm’s Vidya, Regal and Napean into a private trust and a new company in 2014 without following due process.

A bench of Justices Sanjay Kishan Kaul, Dinesh Maheshwari and Hrishikesh Roy also issued notice to an NGO, Indian Awake for Transparency, and others and sought their response. Senior advocates Mukul Rohatgi, A M Singhvi appearing for Premji and others said that the complaint was mischievous in nature.

Senior advocate S Ganesh and advocate Vipin Nair appearing for G Venkateshwara Rao, said that the NGO India Awake for Transparency is being used by one R.Subramanian, as a corporate fa ade to file frivolous litigation.

Premji, his wife, Yasmeen, and others had moved the Supreme Court challenging the Karnataka High Court’s May 15 order that dismissed their pleas to quash the summons.

Senior counsel Abhishekh Singhvi argued that the trial court had failed to scrutinize the evidence thoroughly to find out the truthfulness of the allegations and should have ordered an inquiry before taking cognizance of the claims.

According to Premji, the complaints were “completely mala fide, misconceived, and dishonest” and may have been the result of a business partnership with Subhiksha’s R Subramanian going sour.

They said the criminal complaints filed by the NGO were masterminded by Subramanian nearly three years after the merger took place, adding that their group firm had to file criminal complaints against a Subramanian-owned company after cheques worth crores of rupees bounced in 2013, which are still pending.

Besides, the complaints were liable to be quashed on the ground of gross suppression alone as the complainant had deliberately not disclosed the information that the HC had sanctioned the Scheme of Amalgamation in 2015/16 before the trial court, the petition said.

The NGO had alleged that Premji, his wife and others were entrusted with the dominion over properties and assets of three companies as directors. They were holding assets of these three companies with a total worth of Rs 31,342 crore in a fiduciary capacity, without having any financial interest or ownership therein, the complaint said. It said the three companies belonged to the government and hence could not have been merged.

Azim Premji invests in BVC to gain stake holding under Premji Invest

Chittesh Dalmia — Tue, 30 Jun 2020 12:28:27 +0000

Azim Premji invests in BVC. Premji Invest, the investment arm of Azim Premji’s endowment and philanthropic initiatives. Is in talks with Baroda-based specialty aroma chemicals company Best Value Chem (BVC). In order to acquire a controlling stake in the company. However, the transaction involves the selling of stake by existing shareholders and a commitment. Therefore, Azim Premji invests in BVC. In order to infuse the primary capital for capacity expansion to meet increasing demand. From its global customers, BVC said. WHich was founded in 1997. Also BVC’s customers include all major players of the flavours and fragrances (F&F) industry. Like Firmenich, Symrise, Takasago and other global FMCG players.

Stake Holding For Azim Premji

With the backing of Premji Invest, BVC aims to. “Move up the value chain and consolidate our position in the Indian Aroma chemical market”. Said Shaju C.O.O., chief executive officer, BVC. “India is at the tipping point of growth in manufacturing of specialty chemicals and aroma chemicals in particular due to favourable government policies for Make in India and the creation of chemical parks. Recent supply chain disruption from China, including events related to covid-19 and an increase in domestic demand for end-use applications, are acting as significant drivers of growth for the industry,” Shaju said.

Over the last 10 years, the focus of investments done by Premji Invest has been to grow medium-sized Indian companies into large companies that can compete globally.
“The Indian consumer industry will grow significantly over the next decade. It needs companies like BVC to meet their high-quality requirements. There is a tremendous export opportunity for Indian players in global F&F market as it is at the cusp of accelerated growth,” Premji Invest said in a statement.

The venture capital arm of the Azim Premji-backed FMCG company is in talks with over a dozen startups in these areas to invest into them#investments https://t.co/uFrceeL1kF

— Business Standard (@bsindia) May 26, 2020