Knockout JEE Main Sept 2020
An exhaustive E-learning program for the complete preparation of JEE Main.
On June 23, the Indian Institute of Management Ahmedabad, or IIM Ahmedabad, launched ‘IIM Ahmedabad Endowment Fund’ with initial funding of Rs. 100 crore by 10 founding alumni members. Launched by Mr. Kumar Mangalam Birla, Chairperson, IIMA Board of Governors, the fund aims to raise Rs. 1,000 crore over a period of five years. The fund, according to an official release, will be utilized in fields of “education, entrepreneurial leadership, management practice, and public policy”.
With this, IIM Ahmedabad has become the first management school in India to come up with an endowment fund, according to the official release.
“Alumni are a source of pride and strength for the Institute. While they have contributed in many ways to support the Institute’s priorities; the endowment corpus will be very impactful as we expect it to emerge as an important source to support key strategic initiatives and innovative projects,” Prof. Errol D’Souza, Director, IIMA, said in a statement.
“Such a critical funding support has been missing for most Indian educational institutions and we are happy to create a benchmark,” Prof. D’Souza added.
The initial contributors giving more than Rs. 10 crore each include Sandeep Singhal and Kavita Iyer, Co-Founder of WestBridge Capital and trustees of SIFF respectively; Sanjeev Bikhchandani, Founder and Executive Vice Chairman, InfoEdge; Deep Kalra, Founder and Group CEO, Makemytrip; Ramesh Mangaleswaran and Meenakshi Ramesh, Senior Partner, McKinsey and Company; and Co-Founder of Citizen Matters respectively; Kuldeep Jain, Founder, Cleanmax Enviro Energy Solutions; VT Bharadwaj, Cofounder, A91 Partners; Peeyush Misra, Partner, Growth Source Financial Technologies and GV Ravishankar, Managing Director, Sequoia Capital India.
Other contributors who have committed more than Rs 5 crore are Arun Duggal, Chairman, ICRA, and SK Jain, Co-Founder of WestBridge Capital.
“Endowment funds help ensure financial health of any institute, thereby encouraging growth and self-sufficiency. We truly appreciate the Founder alumni for their generous contributions to kick-start the IIM Ahmedabad Endowment Fund,” said Mr. Kumar Mangalam Birla, Chairman of the Aditya Birla Group.
“These funds will play a significant role in realizing the long-term goals of the Institute and retain its autonomy,” Mr. Birla added.
An independent committee, under the guidance of IIMA board of governors, will manage the fund. The committee includes initial alumni contributors, Director, and the Dean of Alumni and External Relations.
The fund, according to Prof. Rakesh Basant, Dean of Alumni and External Relations, will help in shaping the future of the institute; by facilitating “contemporary, high-quality teaching and research.”