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IIT Madras receives donation of ₹228 cr from alumni
IIT Madras has received a funding of ₹228 crore from US-based industrialist and entrepreneur Dr Krishna Chivukula.
Indian Institute of Technology, Madras, received a funding of ₹228 crore from US-based industrialist and entrepreneur Dr Krishna Chivukula, officials said on Tuesday.
It is considered to be one of the single largest donations received by IIT Madras, which would utilise the funds for taking up various initiatives, said IIT Madras Director V Kamakoti.
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"Nearly after 53 years, our alumni Dr Krishna Chivukula, has come to give ₹228 crore as an endowment to IIT-Madras. He had studied M Tech in aerospace engineering during the 1970s and has established companies which are engaged in the manufacture of components for aeroplanes," Kamakoti told reporters.
"This is one among the single largest endowments that has been received by IIT Madras in its history," he said on the fund received from Chivukula.
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According to a press release by IIT Madras, the institute named an academic block in honour of Dr Krishna Chivukula - ‘Krishna Chivukula Block’ - during an event at the campus on August 6, 2024. The event was attended by Dr Krishna Chivukula, Prof V Kamakoti, Director, IIT Madras, Prof Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, Mr. Kaviraj Nair, CEO, Office of Institutional Advancement, IIT Madras, faculty, researchers, staff, and students.
Officials said the institute raised funding of ₹513 crore during 2023-24 which is a 135 per cent increase received from the previous financial year. The total amount raised through alumni alone during 2023-24 was ₹367 crore which is also an increase of 282 per cent over the previous year.
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In 1997, He brought to India a state-of-the-art engineering manufacturing technology called ‘Metal Injection Molding (MIM)’ while it was still an emerging technology in the U.S. Presently his company, the INDO US MIM Tec, occupies the number one position in the world in MIM technology in terms of capacity and sales and has a projected turnover of nearly Rs. 1,000 Crore, mentioned the press release.
The other company set up by Chivukula is Shiva Technologies Inc engaged in specialising in advanced mass spectroscopy, officials said.
In 2015, IIT Madras recognised the professional excellence and contributions of Chivukula by conferring the "Distinguished Alumnus Award.'
“My education at IIT Madras, in addition to being extremely memorable and enjoyable, enabled me to accomplish much in life and put me in a position whereby I can give back to the Institute a gift – one of the largest single donations to date to a university in India," said Dr Krishna Chivukula.
According to IIT Madras, the donation will be utilised for multiple purposes including supporting international students to study at IIT Madras through a Scholarship, Research Excellence Grant Program, an UG Fellowship Program for freshers at IIT Madras, Sports Scholar Program, Shaastra Magazine development and the Krishna Chivukula Block Maintenance, among other activities.
Educational Background
Chivukula, studied in a Telugu medium school up to class 8, pursued M Tech in Aerospace Engineering at IIT Madras and later did his Masters in Business Administration in Harvard University.
Recalling that he hailed from a 'not-so-rich' family when he joined IIT Madras, Chivukula said his education at IIT Madras laid the foundation for him to enter into another prestigious university - Harvard.
And this prompted him to contribute back to IIT Madras, he said.
(With PTI Inputs)
