IIT-B's 1985 batch pledges Rs 4.5cr to alma mater
MUMBAI: Old boys of IIT Bombay played Santa to their alma mater on Christmas eve. As part of their legacy project, the class of 1985 pledged Rs 4.5 crore to support technology and sustainable development through academics and entrepreneurship here on Friday.
Celebrating the silver jubilee of their graduation, they have already gifted Rs 2 crore and the rest will be handed over on alumni day on Sunday.
"Promoting technology and sustainable development sends a message that we consider them very important. This will serve as a catalyst for directing focus and resources from the administration and other funding agencies towards this," said Amol Mahajani, the overall batch coordinator.
IIT Bombay will use Rs 1 crore to set up a 'Batch of 85 Chair Professorship' in Technology and Sustainable Development. It is designed to attract an eminent researcher and teacher in the field.
Another Rs 1 crore will go towards creating and funding an IIT-B Business Plan Competition in the same field. The chair will then anchor the competition. Apart from prizes, winners will also be mentored to ensure their plans translate into successful businesses.
Attracting good faculty is also high on the tech school's priority list. So, Rs 1 crore will be earmarked for signing bonus which will help attract quality faculty. "Even the B-plan competition is to promote the spirit of entrepreneurship among students, as IITians are always criticized as being job seekers and not job creators," said Ajay Bhagwat, an organizing committee member from the 1985 batch.
From the balance, a substantial amount will be spent for retired faculty who taught this batch. The money will be, especially, used to pay medical expenses of their teachers.
Celebrating the silver jubilee of their graduation, they have already gifted Rs 2 crore and the rest will be handed over on alumni day on Sunday.
"Promoting technology and sustainable development sends a message that we consider them very important. This will serve as a catalyst for directing focus and resources from the administration and other funding agencies towards this," said Amol Mahajani, the overall batch coordinator.
IIT Bombay will use Rs 1 crore to set up a 'Batch of 85 Chair Professorship' in Technology and Sustainable Development. It is designed to attract an eminent researcher and teacher in the field.
Another Rs 1 crore will go towards creating and funding an IIT-B Business Plan Competition in the same field. The chair will then anchor the competition. Apart from prizes, winners will also be mentored to ensure their plans translate into successful businesses.
Attracting good faculty is also high on the tech school's priority list. So, Rs 1 crore will be earmarked for signing bonus which will help attract quality faculty. "Even the B-plan competition is to promote the spirit of entrepreneurship among students, as IITians are always criticized as being job seekers and not job creators," said Ajay Bhagwat, an organizing committee member from the 1985 batch.
From the balance, a substantial amount will be spent for retired faculty who taught this batch. The money will be, especially, used to pay medical expenses of their teachers.
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