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The third richest Indian, Wipro chairman Azim Premji, has transferred 295.5 million equity shares valued at Rs. 12,300 crore to the Azim Premji Foundation, a charitable trust focused on improving the quality and equity of school education.

Premji made this commitment as a member of “Giving Pledge”- a campaign led by billionaires Warren Buffett and Bill Gates which encourages the world's other wealthiest individuals and families to dedicate a majority of their wealth to philanthropy.

Azim Premji Foundation is a not-for-profit organization set up in 2001 with the goal to create and sustain initiatives to contribute to a just, equitable, humane and sustainable society.  The foundation's strategy focuses on creating and scaling up a network of institutions at various levels to contribute to improvement in the school education system and allied areas. As part of this strategy, over the last two years, the foundation has set up the AzimPremji University at Bangalore, state level institutes in three states, district level institutes in seven districts and six demonstration schools associated with the district institutes. Seven more district level institutes are in various stages of formation, reports The Times of India.

As part of scaling up of the institutional strategy, over the next 4 to 5 years, the number of district level institutions will expand to 50-60, state level institutions to 6-8 and the university will expand to have 3,500 students with 350 faculty members across multiple programs. The foundation will also have 50-100 demonstration schools associated with district level institutions. During this period, the team size is expected to grow from the current 800 people to about 4,000 people.

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