IIM Mumbai campus set to undergo $800-crore transformation

IIM Mumbai plans an ₹800 crore campus overhaul, featuring new hostels, faculty housing, and facilities, to modernize its 64-acre Powai campus.

Mumbai: The Indian Institute of Management (IIM) Mumbai is planning a comprehensive campus development project, at an estimated cost of ₹800 crore.

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Announced during the institute’s first foundation day celebrations, the development will be carried out in three phases, with an aim to convert its 64-acre campus in Powai into a modern educational hub. The institute, which was earlier known as the National Institute of Industrial Engineering, welcomed its first batch in June after being upgraded and renamed IIM Mumbai last year.

Key features of the project include a new entrance along a proposed 27.5-metre road, leading to a grand auditorium with a seating capacity of 1,000 and a multipurpose hall.

“Existing student hostels will be replaced with new accommodations for 1,250 male and 1,250 female students, while a new faculty housing complex will be built to accommodate over 200 teachers,” said Manoj Kumar Tiwari, director, IIM Mumbai. “In addition, 128 housing units will be constructed for non-teaching staff.”

The plan also includes the development of a lecture complex, an administrative building, and a spacious library. Recreational facilities, such as a nature trail, a path around the campus pond, and sports areas, will further enhance the campus environment.

Dr G Satheesh Reddy, president of the Aeronautical Society of India, was the chief guest at a groundbreaking ceremony for the proposed new campus, which was held on September 5 on the occasion of Teachers Day.

“The development will take place in three phases, with an initial allocation of ₹100 crore already secured,” said Tiwari. “The next ₹100 crore will be drawn from IIM Mumbai’s balance funds, while ₹200 crore will be raised through the Higher Education Financing Agency (HEFA). Additionally, ₹300 crore will be applied for under the Government of India’s Viability Gap Funding (VGF) scheme.”

Shashi Kiran Shetty, chairman of the institute’s board of governance, expressed confidence in the support the project will receive from companies through their Corporate Social Responsibility (CSR) funds. “This initiative will set new benchmarks in educational infrastructure, fully aligning with our vision of global leadership in innovation and sustainable development,” he said.

A potential challenge for the development plan is the presence of encroachments on about eight acres of the 64-acre campus. According to Shetty and Tiwari, around 800 to 1,000 informal dwellings exist on this land. Although the encroached area is not part of the immediate development plan, decisions regarding its future use will be taken during the third phase or later.