Noida 22nd October 2018: The reputable business school, Indian Institute of Management in Ahmedabad has placed the request of financing Rs 316 crore for enhancing the infrastructure of the campus and accommodating about 380 students.
IIM has placed the request of funding from the Higher Education Funding Agency (HEFA) to provide academic amenities and infrastructure facilities of about 10 lakh square feet. This would include new academic complex, exceptional sports complex and sports field, and separate accommodation for students, teachers and staff.
Till date HEFA has given approval for the loans amounting to Rs 10,000 crore and more for IITs and NITs. On one side where IIT-Bombay has taken a funding of Rs 520 crore, IIT-Delhi has got the approval for Rs 200 crore loan. The loan amount of IIT-Kanpur is worth Rs 359 crore and that os IIT Kharagpur is Rs 520 crore.
As far as IIMs are concerned, HEFA has not given any funding yet. IIM Ahmedabad will become the first one to get the loan approval.
Erol D’Souza, the director of IIM Ahmedabad, has quoted the request of funding Rs 326 crore as justifiable and stated to the HRD Ministry that IIM –A is all set to enhance the courses and programmes for better exposure of the trained and skilled leaders in various management platforms in the country and abroad. But due to the lack of infrastructure amenities for academics, IIM is not able to do so.
Erol D’Souza stated in his letter that at present, IIM-A is offering six programmes and has total 1,000 students in its campus widespread over 103 acres. The current infrastructure of IIM – A is 50 years old and the institute will utilize its own money to fund its conservation, restoration and upgradation.
After approval of the loan from HEFA, the funds will be used on five new projects and these include a new academic complex with area of about 2.24 lakh square feet, a new sports complex with space of about 5,200 square metres that would also consist of a swimming pool, sports area, yoga centre, gymnasium, student hostel with total number of 384 single rooms single, faculty housing consisting of 56 apartments, badminton and basketball courts and a new accommodation facility for the staff of the institute.
From the total funding of Rs 316 crore, tentatively Rs 89 crore would be used for the academic complex, Rs 58 crore for faculty accommodation, Rs 104 crore for the student accommodation, Rs 27 crore for the sports complex and field and Rs 39 crore for staff accommodation.