The premier business school of India, the Indian Institute of Management, Ahmedabad (IIMA), has partnered with corporates and alumni to sponsor research and scholarships. ?We have reached out to friends of IIMA to support research and student activities at IIMA. This is in step with our efforts within the institute to raise quality of research and student activities,? said Prof Ashish Nanda, director, IIMA. As its fund raising and development efforts gain traction, this is the first tranche of announcements relating to support that has been committed by and agreed to with the leaders in corporate and government institutions. Put together, these collaborations, where the agreements have already been signed and the contributions have started coming in, will pool in over R16 crore to fund research and award scholarships to meritorious students.
?Last few months, one of the focus areas has been to reach out to the alumni to get their support for the next stage of growth. Fund raising is a long-term activity and we have got substantial commitment and agreements are in place for the same. These funds will provide explicit support to faculties carrying out research activities in terms of getting resources, collecting data, hiring research assistants, among other things. A part of the funding will also go as salary supplement to the faculties and increase their income levels,? said Prof Arvind Sahay, dean, Alumni and External Relations, IIMA.
In fact, this is not the first time the business school has reached out to the alumni network. In 2011, during the golden jubilee year of the institute’s existence, the alumni network had promised a consolidated sum to the tune of R40 crore to their alma mater. However, a major chunk of it has not come through. ?There were verbal commitments, but we are in active conversation with them to fructify them,? added Sahay.
Of the total R16 crore raised, R14 crore will come directly or indirectly through alumni either in their individual capacity or as institutional donation, while the remaining R2 crore will come from corporates and individuals who have nothing to do with the institute. ?The funds will be used to establish a centre for research and to provide support to students. Scholarships of R1 lakh each to 10 PGP students will be given. We hope more such support comes from the alumni,? added Sahay.
The current funding will contribute towards new areas of research. ICICI Bank has sponsored the Professional Chair in Strategic Management, RBI has sponsored the Chair in Finance & Economics, JSW has sponsored the Innovation and Public Policy Chair and NABARD has sponsored the Chair in Agri business. IIMA alumna Chandrika Tandon is supporting Faculty Fellows in Entrepreneurship and Leadership.
The institute is also looking at reaching out to corporates for restoration and conservation of the iconic Louis Kahn Plaza (LKP), which houses the main building of the institute. ?There are extensive plans to conserve and restore the LKP and it is an expensive, multi-year plan. As per the clarification given by the Department of Corporate Affairs, the donation given for restoration and conservation will be eligible for compliance of companies with CSR. Hence, we are planning to reach out to corporates as it involves a significant sum of money,? added Nanda.
