Technology magnate donates $2bn to fund education in Indian villages

Indian technology mogul Azim Premji will donate nearly $2 billion to fund education and development programmes in India's villages, in one of the largest charitable donations in the country's history.

Mr Premji, chairman of Wipro, the IT services giant, said he would transfer shares worth $1.95 billion (1.25bn) to the Azim Premji Foundation.

India's economy has surged in recent years, creating a new class of super-wealthy entrepreneurs. India's newly rich - Forbes magazine says India now has 69 billionaires - have been criticised for lagging in charitable giving.

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The foundation will use the money to fund education and other initiatives in rural India as well as a new university it is establishing in Bangalore.

"We believe that good education is crucial to building a just, equitable, humane and sustainable society," Mr Premji said.