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IIM Ahmedabad launches endowment fund, aims to collect Rs 1000 crore in five years

The institute has already received an initial commitment of Rs 100 crore from 10 founding alumni. The funds, claims the IIM, will help the institute be self-sufficient financially.

By: Education Desk | New Delhi | Published: June 23, 2020 3:12:10 pm
iim ahmedabad, iim, iim-ahmedabad news, endowment fund, education news IIM-Ahmedabad campus (File Photo)

The Indian Institute of Management (IIM), Ahmedabad launched the ‘IIM-Ahmedabad Endowment Fund’ with an initial commitment of Rs 100 crore from 10 founding alumni. The endowment aims to raise Rs 1000 crore over a period of five years. IIM-A is the first management school in India to come up with this. In the past, similar funds have been launched by the IITs.

Kumar Mangalam Birla, Chairperson, IIMA Board of Governors, who was part of the launch, stated, “Endowment funds help ensure the financial health of any institute, thereby encouraging growth and self-sufficiency. These funds will play a significant role in realising the long-term goals of the Institute and retain its autonomy.”

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The institute claims to have the highest number of alumni in CEO, CXO-level roles in India’s top 500 companies, with one in seven CEOs possessing a management degree from IIMA.

Prof Errol D’Souza, Director, IIMA said the endowment corpus will be an important source to support key strategic initiatives and innovative projects at the B-school.

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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The Indian Institute of Management Ahmedabad (IIMA) was set up as an autonomous institution in 1961 by the Government of India in collaboration with the Government of Gujarat and the Indian industry. IIMA is the first management school in India to receive international accreditation for five years. It was the first business school in India to receive EQUIS (European Quality Improvement System) accreditation by the European Foundation for Management Development (EFMD) in June 2008 and has maintained the EQUIS accreditation since then.

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