An alumnus from Indian School of Business (ISB), Satyanarayana Chava, CEO, Laurus Labs, has agreed to contribute a monetary grant of Rs 1.5 crore across three years to enhance the quality of teaching and research at ISB.
ISB has shared a connect with its 6,900 alumni that is only getting stronger, said a press release on Wednesday. A Memorandum of Understanding was signed between Laurus Labs and ISB to seal this grant.
Chava was part of the founding batch of the Post Graduate Programme in Management for Senior Executives. He had also contributed earlier to support the ‘Technology Commercialization Programme’ for scientists at ISB.
Ajit Rangnekar, Dean, ISB, remarked that the alumni, who also serve as brand ambassadors and standard bearers, contribute through work, wisdom and wealth.
One of the traditions of ISB is for every graduating class to leave behind a “legacy gift” for the School. The alumni of ISB have also established an Alumni Endowment Fund which is used mostly for scholarships and research support. Around Rs 66 lakh has been contributed to this fund.
As a result of more alumni ‘coming back to School’, around Rs 3.5 crore has been raised from alumni contributions over the last 6 years. Around Rs 2 crore has been received as Class gifts.
Even alumni ventures incubated under the “Entrepreneurs Development Initiative” have contributed to the tune of Rs 1 crore.