After several deferments, the ICFAI (Institute of Chartered Financial Analysts of India) University Bill-2009 was passed by Orissa assembly.
The Bill, first tabled in the assembly during the monsoon session last year, was deferred thrice due to lack of time and members' opposition to certain clauses.
The bill was passed by a voice vote with some changes last night with Higher Education minister Debi Prasad Mishra saying that the self-financing private university would provide high quality education.
According to changes made in the Bill, two MLAs and the Secretary of the Higher Education department will in the Board of Management (BOM) of the proposed varsity.
The Bill also incorporated proposal of granting concession to ST, SC and OBC students.
The ICFAI authorities would now have to prepare fee structure on the guidelines of University Grants Commission (UGC) and other regulatory bodies.
With the Bill getting nod of the assembly, the ICFAI would invest Rs 150 crore in setting up a campus for the university in the state.
The university would have strength of about 1,500 students and offer courses in various disciplines like engineering, management, law, science and humanities.
ICFAI has identified 30 acres land between Bhubaneswar and Khurda for setting up its university. It had inked an MOU with the state government in 2007.