IIM Ahmedabad launches Rs 100 crore endownment fund

IIM Ahmedabad launches Rs 100 crore endownment fund

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Anupama Mehra
Assistant Manager – Content
New Delhi, Updated on Jun 23, 2020 14:21 IST

IIM Ahmedabad with its alumni has launched IIM Ahmedabad Endowment Fund. The fund aims to ensure the financial health of any institute, thereby encouraging growth and self-sufficiency.

The Indian Institute of Management (IIM) Ahmedabad has launched IIM Ahmedabad Endowment Fund. The endowment fund has been launched by Kumar Mangalam Birla, Chairperson, IIMA Board of Governors, with an initial commitment of Rs 100 crore by 10 alumni.

The endowment aims to raise Rs. 1,000 crore over a period of five years.  IIMA is the first management school in India to come up with this first-of-its-kind fund setting a benchmark and inspiring other institutes.

While talking about the fund, Birla said, “Endowment funds help ensure the 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. These funds will play a significant role in realizing the long-term goals of the Institute and retain its autonomy.”

IIMA, since its inception in 1961, has produced over 33,000 alumni working across India Inc,.contributing significantly across corporates, fields of entrepreneurship, academia, public policy, and service. With one in seven CEOs with a management degree from IIMA, the Institute has the highest number of alumni in top-notch CEO and CXO level roles in India’s top 500 companies.  IIM Ahmedabad alumni have also found some of the finest business enterprises in the country. 

Professor Errol D’Souza, Director, IIMA said, “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. Such a critical funding support has been missing for most Indian educational institutions and we are happy to create a benchmark.”

IIMA features at the top position in the India Ranking 2019 (National Institutional Ranking Framework) released by the Ministry of Human Resource Development (MHRD), Government of India.

Also Read: NIRF Ranking 2020: IIM Ahmedabad Ranked No. 1 MBA Institute in India

Under the guidance of the IIMA Board of Governors, the endowment fund will be managed by an independent Endowment Committee consisting of initial alumni contributors and the Director and Dean (Alumni and External Relations – AER) of IIMA, in their ex-officio capacity.

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Anupama Mehra
Assistant Manager – Content

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