IIM Mumbai Unveils INR 800 Crore Campus Revamp Plan on Its First Anniversary

This comprehensive project is set to transform the campus infrastructure and significantly increase the institute's capacity and offerings.

Expansion and Modernization of Campus Facilities

The redevelopment plan includes a range of new facilities designed to enhance the academic and living environment for students and staff. Key features of the project include:

- New Hostels: Replacement of existing dormitories with state-of-the-art hostels accommodating 1,250 male and 1,250 female students.

- Faculty and Staff Housing: Construction of a new accommodation facility for over 200 teachers and 128 apartments for non-teaching staff.

- Lecture and Administrative Spaces: A new lecture complex and administrative building to support the expanded student and faculty body.

- Library and Recreational Facilities: A spacious library, nature trail, pathway around the campus pond, and various sports areas.

- Auditorium and Infrastructure: A 1,000-seating capacity auditorium, a new entrance, and a 27.5-meter road.

Funding and Phased Implementation

The revamp will be executed in three phases, with an initial allocation of Rs100 crore already secured. The next phase will see an additional Rs100 crore drawn from the institute’s funds, while Rs200 crore will be sourced from the Higher Education Financing Agency (HEFA). The remaining Rs300 crore will be sought through the Government of India’s Viability Gap Funding (VGF) scheme. Private sector contributions are also anticipated, with financial services firm Motilal Oswal and consultancy giant KPMG among the expected donors.

Challenges and Future Outlook

The project faces a challenge from approximately 800 informal dwellings encroaching on 8 acres of the campus. However, authorities have clarified that this area is not part of the immediate development plan, with decisions regarding its use to be addressed in later phases.

Leadership Search

With the term of the current director ending soon, a search for a new head of IIM Mumbai is underway. The search-cum-screening committee, chaired by Shashi Kiran Shetty, has shortlisted three candidates from 67 applicants. Interviews have been conducted to select the next leader of the institute.

Institutional Vision

Shashi Kiran Shetty, Chairman of the IIM Mumbai Board of Governance, expressed optimism about the project’s impact. “This initiative will set new benchmarks in educational infrastructure, aligning with our vision of global leadership in innovation and sustainable development,” he stated.

As IIM Mumbai embarks on this transformative journey, the development is expected to enhance its stature as a leading business school and provide a robust foundation for its growing student body.

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