IIM-B needs 100 cr for its academic ventures

Updated on: Monday, April 20, 2009

Bangalore: Following the international trend, the board of the Indian Institute of Management, Bangalore (IIM-B) will setup a committee under the chairmanship of Mukesh Ambani, Chairman & Managing Director of Reliance Industries Ltd., to help it raise funds to fund its various academic ventures.

This is for the first time in the country that an institute has announced to setup a fund raising committee. Initially, IIM-B is planning to raise over Rs 100 crores which could be subsequently be revised to Rs 500-800 crores.

The raised funds will be used to finance research, student scholarships, faculty remuneration, establishment of chairs and inviting top international management faculty on the campus.

Sponsoring the visit of international faculty would help raise IIM-B's international portfolio and its scope of international research.

"It's true that we are looking at raising funds through various resources but it's too early to talk about it. We would decide on this in a month's time," said Pankaj Chandra, Director, IIM-B.

"We will have a dedicated team to look into this activity. The institute is in the process of tapping its successful alumni for sizeable donations besides approaching some philanthropic organisations and industry houses," sources from IIM-B said.

All other IIMs are also looking at building a significant corpus or endowment to fund various activities on the campus.

At a recent IIM Director's meet organised by the Ministry of Human Resource Development (MHRD), it was clarified that the IIMs can have an endowment fund of over Rs 50 crores.

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IIM-B needs 100 cr for its academic ventures

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