People who passed out of the esteemed halls of the Indian Institute of Technology - Bombay (IIT-B) 25 years ago will raise Rs 4.5 crore for their alma mater as part of their legacy project.
This amount raised by the 1985 batch in its silver jubilee year will go towards promoting technology and sustainable development through academics and entrepreneurship at IIT-B.
“Promoting technology and sustainable development sends a message that we consider the issue to be very important. This will serve as a catalyst for directing focus and resources from the administration and other funding agencies towards the cause in the future” said Amol Mahajani overall co-ordinator of the batch.
Of the amount promised, Rs 2 crore have already been committed and on Alumni Day on Sunday the batch will present it to the institute.
Of the entire amount, Rs 1 crore will be used to establish a Batch of ’85 Chair Professorship in Technology and Sustainable Development. Another Rs 1 crore will go towards creating and funding an IIT-B Technology and Sustainable Development Business Plan Competition while Rs 1 crore will go towards a signing-on bonus for young faculty.
From the rest, a substantial amount will go towards retired faculty who used to teach the batch.
The money will be specially used to pay the medical expenses of their teachers.
“The signing bonus will help attract more faculty. Even the B-plan competition is to promote the spirit of entrepreneurship among students as IITians are always criticised to be job seekers and not job creators,” said Ajay Bhagwat, a member of the organising committee from the batch of ’85.
The chair professorship, too, is designed to attract an eminent researcher and teacher in the field of sustainable development to IIT-B. The chair will then anchor the B-plan competition. Apart from prizes, winners will also be mentored to ensure that their plans become successful running businesses.