A year after being rebranded as IIM Mumbai, the former National Institute for Training in Industrial Engineering (NITIE) has embarked on a Rs800 crore plan to revamp its entire campus.
The development plan for IIM Mumbai’s sprawling 64-acre campus spread on a hillock near Vihar lake in Powai Key includes a new entrance, a 27.5-meter road and a 1,000-seating capacity auditorium, in addition to residential facilities for its students and staff. When realised, the three-phased project will allow the institute to increase its enrollment to around 5,000 students and launch new industry-aligned programmes. The administration is raising funds from private entities such as financial services firm Motilal Oswal and consultancy giant KPMG, in addition to using its own corpus and grants from the central government.
Announcing the plan on the occasion of the rechristened institute's first anniversary, Manoj Kumar Tiwari, director of IIM Mumbai said that the existing dormitories for students will give way to new hostels with a capacity for 1,250 male and 1,250 female students. A new accommodation facility will be constructed for over 200 teachers, while 128 apartments will be built for the non-teaching staff. The plan also includes a lecture complex, administrative building, a spacious library as well as recreational facilities, such as a nature trail, a pathway around the campus pond, and sports areas.
“The development will take place in three phases, with an initial allocation of Rs100 crore already secured. The next Rs100 crore will be drawn from IIM Mumbai’s balance funds, while Rs200 crore will be raised through the Higher Education Financing Agency (HEFA). Additionally, Rs300 crore will be applied for under the Government of India's Viability Gap Funding (VGF) scheme,” said Tiwari.
Shashi Kiran Shetty, chairman of IIM Mumbai's Board of Governance, said that the institute also hopes to receive Corporate Social Responsibility (CSR) funds through business houses in the city. “This initiative will set new benchmarks in educational infrastructure, fully aligning with our vision of global leadership in innovation and sustainable development,” he said.
IIM Mumbai, however, faces a challenge of encroachment by around 800 informal dwellings on around 8 acres of its land. However, the authorities said that the encroached area is not part of the immediate development plan, adding that the decision about its use will be taken during the latter phases of redevelopment.
In search for new head
With the term of the current IIM Director coming to an end, the process to appoint a new head is underway. The search-cum-screening committee led by Shashi Kiran Shetty has recommended three names for the position of director. IIM Mumbai received 67 applications for the post out of which seven were called for an interview by the screening panel.
highlights of the revamp project
New hostels with a capacity for 1,250 male and 1,250 female students
New accommodation facility for over 200 teachers
128 apartments will be built for non-teaching staff
A lecture complex
Administrative building
Spacious library and recreational facilities
Auditorium with 1,000-seating capacity
New entrance, a 27.5m road
