Entering into education sector is not a business; it is a way to say thanks to society.
This was stated by Sunil Kant Munjal, joint MD, Hero MotoCorp Limited, on Thursday after he announced the setting up of Brij Mohan Lal Munjal University with Imperial College of London as a mentor of the university.
Munjal, who is also chairman of Hero corporate services, is to open this university in Gurgaon. From July 2014, the university will be offering courses in management and engineering.
Asked if it was one of his business ventures to enter into higher education, he said, “This is a no-profit venture for us and we don’t call it a business. Our fee structure is far less than any good management and engineering college of India. So we are not here to do business.”
He added, “Our family already has schools in Ludhiana and now we will be coming up with a university.”
The university will have courses in architecture, a law school and a school of liberal arts as well in the coming years.
On a number of industrial houses entering the education sector, Munjal said that government alone cannot fulfill the demand for education, so more and more industrialists must enter this sector.
“The number of illiterates in our country is much more now than it was in 1947. It is a mater of shame for us.”
In Punjab, Lovely Professional University, Aurobindo College of Commerce, Satpaul Mittal School and a few others are the ventures of industrial houses.
Asked why he chose to start this venture in Haryana and not in Punjab, Munjal said he was already chairman of Indian School of Business (ISB) at Mohali.
On his expansion plans in Punjab, he said that they had already started a factory in Punjab and as of now, they were focusing more on BMU.
University director Akshay Munjal said value education would be compulsory for all students of the varsity.