The Indian Institute of Management, Ahmedabad (IIM-A) has received an endowment of Rs 10 million from a private firm to support needy students, a statement said on Monday.
According to IIM-A authorities, the amount will be used over the next decade to support the financial needs of those poor students who are unable to afford education at the country's premier business school.
"We are delighted to be associated with the IIM-A. Several of the firms' partners and professionals are graduates of the institute and now, we are happy to lend our support to it through an initiative that will help the education of well-deserving, needy students," said Pulak Prasad and Rajesh Khanna, managing directors, Warburg Pincus India Pvt Ltd.
Warbug Pincus is a private equity investor in India with investments of nearly $1.2 billion.
IIMA director Bakul Dholakia said: "It will go a long way in the pursuit of our objectives of providing quality management education to students of exceptional calibre to follow different careers in management. This generous contribution will strengthen our need-based scholarship scheme."