With INR 800 Crore Revamp IIM Mumbai Aims for Global Leadership in Management Education

Powai, Mumbai:

The Indian Institute of Management (IIM) Mumbai, established last year in the Powai area, is set for a complete transformation. The institute's 64-acre campus will undergo a major redevelopment, with a proposed investment of INR 800 crore ($100 million).

The plan aims to position IIM Mumbai as one of the world’s leading management institutions, according to Shashi Kiran Shetty, Chairman of the Board of Governance, and Manoj Tiwari, Director of IIM Mumbai.

The announcement was made during IIM Mumbai’s first-anniversary celebrations, attended by prominent guest Dr. G. Satheesh Reddy, President of the Aeronautical Society of India.

Phased Development to Provide World-Class Education

The redevelopment project will be completed in three phases, with a focus on offering top-tier management education to students across India, especially in Mumbai. Launched on August 16, 2022, IIM Mumbai’s founding anniversary event was postponed and held on Teacher's Day this year. During the event, the groundbreaking ceremony for the proposed new campus also took place.

Addressing Encroachment Challenges

Around eight acres of the 64-acre IIM Mumbai campus are currently encroached upon by nearly 800-1000 slum dwellings. However, this section is not included in the current phase of redevelopment. A decision on this will be taken in the third phase or later, said Shashi Kiran Shetty and Manoj Tiwari.

Funding the Ambitious Redevelopment

The total expected cost of the redevelopment project is INR 800 crore, divided into three phases. The first INR 100 crore has already been secured, with IIM Mumbai contributing from its surplus funds. An additional INR 200 crore will be raised through the Higher Education Financing Agency (HEFA). Moreover, the institute will apply for INR 300 crore under the Indian government’s Viability Gap Funding program. Other funds will be sourced from alumni contributions, corporate CSR funds, and the Board of Governance.

What Will the New Campus Look Like?

The 64-acre IIM Mumbai campus will feature a host of new facilities, including a 1,000-seater auditorium, a multi-purpose hall, and modern hostels. The new hostel buildings will accommodate 1,250 male and 1,250 female students, while over 200 residences for faculty members and 128 houses for non-teaching staff will also be constructed. Additional features include a new administrative building, lecture halls, nature trails, walkways around the campus lake, sports areas, and a library.