The Indian Institute of Management, Ahmedabad (IIM-A) on Tuesday has launched an endowment fund with an initial commitment of Rs 100 crore from the alumni.
The IIM-A was raising funds to encourage growth of the institute, self-sufficiency and to retain autonomy, the institute’s chairperson Kumar Mangalam Birla said during a meeting to announce the fund.
The institute announced IIM Ahmedabad Endowment Fund, with an initial commitment of Rs 100 crore from 10 founding alumni and aims to raise Rs 1,000 crore over a period of five years, a release here stated.
The fund will play a significant role in realising the long-term goals of the institute and retain its autonomy, Birla was quoted saying in the release.
Under the guidance of the IIM-A board of governors, the endowment fund will be managed by an independent committee comprising initial alumni contributors and the director and dean (alumni and external relations AER) of IIM-A, in their ex-officio capacity, it said.