Wipro chairman Azim Premji has become the first Indian to sign the Giving Pledge Group, promising to donate more funds to his charitable initiatives.

The billionaire founder of the Indian It giant now owns a 78 per cent stake in Wipro and has already decided to donate 8.7 per cent of his ownership, which is worth $2 billion for his charitable initiatives in the area of education through his Azim Premji Foundation. He indicated that the foundation is working to improve the quality of the education system in India.

The Giving Pledge Group was founded by billionaires Warren Buffett and Bill and Melinda Gates in 2010 to encourage the richest persons in the US to donate a considerable part of their wealth for charitable causes. The group is now looking to expand into India and China.

The Azim Premji Foundation aims to work with the authorities to improve the schooling system in the country. The Foundation was founded in 2010 and it currently has 800 people spread across India. The company is planning to expand it to 4,000-5,000 people over the next five years.

The developments of the past two years have given me confidence in our scaled up and institutional strategy. Even as we execute this strategy, I am aware that ensuring stable funding source is critical for its success. I am committed to transferring more of my wealth to scale up the Endowment of the Foundation," Premji said.