New Delhi: The Indian Institute of Management (IIM), Sambalpur will have a permanent campus by June 2021.
Sources said the Union Cabinet chaired by Prime Minister Narendra Modi has approved the establishment and operationalisation of permanent campuses of seven new IIMs, including Sambalpur.
Notably, seven IIMs – Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu – were established in 2015-16 and 2016-17 academic sessions. These institutes are currently functioning from transit campuses.
The total cost of these projects is estimated to be Rs 3,775.42 crore, of which Rs 2,804.09 crore will be spent on construction of permanent campuses of these institutes.
According to officials, Rs 401.91 crore will be spent on construction of the permanent campus of IIM-Sambalpur which would have infrastructure facilities for 600 students. An area of 60,384 sq m is demarcated for the purpose.
The Cabinet has also approved recurring grants of Rs 5 lakh for each student per year for five years. The institutes are expected to meet their running/maintenance cost from internal generation of funds after a period of five years.
The construction of these permanent campuses will be completed by June 2021.