Tuesday, August 14, 2012

XLRI plans to set up new campus; on overdrive to raise Rs. 1 billion

XLRI, Jamshedpur has embarked upon a fund-raising drive with plans to notch up Rs. 100 crore (Rs. 1 billion) in endowments over the next five years. The institute is tapping both its alumni and corporates and, along the lines of B-schools abroad, is open to naming centres or facilities after donors.

So far, the institute has raised around Rs. 16.2 million. HCL Technologies Vice-Chairman and CEO Vineet Nayar, an alumni as well as board of governors' member, has also pledged Rs. 10 million in his individual capacity, which will go towards XLRI's proposed Delhi campus.

XLRI Director E Abraham said: "We have formed a core committee of alumni who are now working on how to take the endowment fund initiative forward. This is a common practice abroad, even in Jesuit schools. We will also be approaching companies that rank among our major recruiters."

XLRI that was founded in 1949 has so far has been functioning almost entirely on its own funds. The institute already has a surplus of around Rs. 225 million. The XLRI Endowment Fund initiative was taken up by the 1983 batch when it met in 2008 to celebrate their silver jubilee of graduating. Earlier this year, the director and S Sarin made presentations at the summer alumni meets in Delhi, Kolkata, Pune and Mumbai attended by over 1,500 alumni. The institute also plans to hold alumni meets in New York, Boston, Toronto, Chicago, San Francisco and Los Angeles to encourage alumni to give back to the institute.

The funds raised will go towards upgradation of existing physical infrastructure to world-class standards, creating chair professorships, providing scholarship and loans to needy students, supporting global research as well as the social initiatives of XLRI in the area of education for the poor, rural entrepreneurship and the like.

"A large chunk of this will also go towards our new campus which will come up in Delhi," said E Abraham. The new campus is estimated to cost about Rs. 500-600 million. "Besides regular programmes, it will also offer niche programmes. We have initiated talks with Georgetown University and plan to set up a School of Foreign Service as well as a School of Public Policy," said Abraham. XLRI is setting up an international hostel in Jamshedpur for its just-launched three-country global MBA programme.

Source: The Economic Times (Online Edition), August 14, 2012

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