IIM Ahmedabad Requests Loan Of Rs 316 Crore For Infrastructural Work

Indian Institute of Management (Ahmedabad) is planning to expand its infrastructure to accommodate 380 more entrants on its campus. For this, a loan of Rs 316 crore is being sought. The list of infrastructural requests include a new academic complex, a state-of-the-art sports complex, sports ground and hostel facilities for students and staff. IIM-A has asked the Higher Education Funding Agency (HEFA) to help out with the loan.

HEFA helps centrally-funded institutes mobilise funds from the market. So far, the body has provided loans worth Rs 10,000 crore especially to NITs and IITs, The Indian Express reported.

Director of IIM-A, Erol D’Souza, in his letter to Ministry of HRD, has been quoted by The Indian Express as saying, “In order to meet the growing need for well-trained and skilled professionals in various fields of management in India and abroad, IIM-A intends to expand the portfolio of programmes and also increase the intake of students in each programme. However, the institute feels constrained in doing so due to shortage of academic and allied infrastructure.”

Out of the budget sought, Rs 89 crore will be spent on building the academic block, Rs 27 crore will help establish a sports complex, including a ground, Rs 104 crore will be used for student housing, Rs 58 crore for faculty housing and Rs 39 crore for staff housing.