His father, Azim Premji, is India's second richest man and the chairman of Wipro Ltd. His elder brother is the Chief Strategy Officer of Wipro Ltd. And now it's Tariq Premji's turn to join them at the board table at one of the Group's unlisted companies. "Wipro Enterprises (P) Limited has appointed Mr. Tariq Premji as a non-executive Director on the board of the company. Wipro Enterprises is a private limited company and Mr. Tariq Premji's appointment is in accordance with the provisions of the Companies Act, 2013," a company statement said, adding, "His independent, objective view will add value to the board's deliberations".
According to The Economic Times, Premji's younger son Tariq, who started off working in the family investment arm Premji Invest, joined the Wipro Enterprises board effective June 1. The 30-year-old has previously spent considerable time in the philanthropic initiatives of the family.
According to the company website, Wipro Enterprises (P) Limited comprises of two main businesses - Wipro Consumer Care & Lighting, which is among the top FMCG companies in the country, and Wipro Infrastructure Engineering group. The former's business runs the gamut from soaps - including Santoor - and toiletries to wellness products, electrical wire devices, domestic and commercial lighting, and modular office furniture.
Wipro Infrastructure Engineering group, on the other hand, is the largest independent hydraulic cylinder manufacturer in the world, delivering around 2 million cylinders to OEMs in different geographies. Last month, its CEO Pratik Kumar had told the daily that the company expected revenue to double to over $100 million from its aerospace business on the back of growing business from customers such as Airbus and Boeing. It also boasts a platform in the water business, offering end-to-end solutions in water and wastewater treatment for industrial applications across diverse industries like oil and gas, steel, power and pharma, among others.
Apart from the above, Wipro Enterprises (P) Limited have two associates, namely Wipro GE Healthcare Private Limited and Wipro Kawasaki Precision Machinery Private Limited.
Promoter and promoter group shareholding in Wipro Enterprises is at 98.45 per cent. In fiscal 2016-17, Wipro Enterprises reported a 34 per cent year-on-year increase in its consolidated net profit to nearly Rs 950 crore while the firm's sales increased by 10 per cent to Rs 8,248 crore.
Wipro Enterprises' board is headed by Premji senior. Other board members include his elder son, Rishad Premji, Suresh Senapaty, Vineet Agrawal, the CEO of Consumer Care & Lighting and Executive Director of Wipro Enterprises and Pratik Kumar.(With PTI inputs)