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The Union Cabinet on Wednesday approved the establishment and operationalisation of permanent campuses of seven new Indian Institutes of Management (IIMs). These IIMs are in Amritsar, Bodhgaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu.
Currently, these institutes are working from transit campuses.
The total cost assessed is ₹3775.42 crore, out of which ₹2804.09 crore will be spent for the construction of permanent campuses of these institutes.
These seven new IIMs were set up in the years 2015-2016 and 2016-2017.
Each of these institutes will construct an area of 60,384 sqm, which will have complete facilities for 600 students. The construction of permanent campus of these institutes shall be completed by June, 2021. With this, all the 20 IIMs will have their own permanent campuses.
Recurring grants to these institutes has also been approved at ₹5 Lakh per student per year for 5 years. Thereafter, the institutes are expected to meet their running cost/maintenance cost from the internal generation of funds.
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