Tariq Premji, the younger son of billionaire IT czar Azim Premji, has been appointed to the board of Wipro Enterprises. Tariq will join in the board of privately held Wipro Enterprises as a non-executive director. “Wipro Enterprises (P) Ltd has appointed Tariq Premji as a non-executive director on the board of the company. His independent objective view will add value to the board’s deliberations,” Wipro Enterprises said in a statement. Rishad Premji, Azim Premji’s elder son is chief strategy officer of Wipro Ltd, and is already on the board of Wipro Enterprises and Wipro-GE. “Wipro Enterprises is a private limited company and Mr. Tariq Premji’s appointment is in accordance with the provisions of the Companies Act, 2013,” the company added in the statement.
Tariq Premji holds a graduate degree in commerce from St Joseph’s College in Banglore. Notably, Tariq had also joined PremjiInvest, the family office of Azim Premji. In another major development, PremjiInvest picked up a 6% stake in Kishore Biyani-led Future Retail for Rs 1,700 crore yesterday.
According to the company’s website, Wipro Enterprises comprises of two main businesses namely Wipro Consumer Care and Wipro Infrastructure Engineering business. Wipro Consumer Care’s businesses include personal wash products, toiletries, personal care products, baby care products, wellness products, electrical wire devices, and also domestic and commercial lighting and modular office furniture. Wipro Infrastructure Engineering is the largest independent hydraulic cylinder manufacturer in the world, delivering around 2 million cylinders to OEMs in different geographies.
Wipro Enterprises has reported a 34% rise in consolidated net profit to Rs 949.3 crore for the current year ended March, against Rs 710.5 crore in the previous year. Sales of the firm also increased by 10% to Rs 8,248 crore in 2016-17 as against Rs 7,477 crore in the previous year. Promoter and promoter group shareholding in Wipro Enterprises is at 98.45 per cent, said a PTI report. According to Forbes’, Azim Premji, chairman of Wipo Ltd holds a net worth of $17.4 billion.
