Indian Institute of Management- IIM Ahmedabad has launched the ‘IIM Ahmedabad Endowment Fund’.

According to the official press release, the fund has been launched with an initial commitment of Rs. 100 Crore from 10 founding alumni.

The endowment aims to raise Rs.1000 crore over a period of five years.

Speaking on the occasion, the Chairperson of IIMA Board of Governors Mr. Kumar Mangalam Birla said that the fund will ensure financial health of the institute.

He said that this fund will play a significant role in realizing the long-term goals of the Institute and retain its autonomy.

AIR Ahmedabad correspondent reports that IIMA is the first management school in India to come up with this fund setting a benchmark and inspiring other institutes.

IIM Ahmedabad has produced over 33000 alumni working in different fields across India since its inception in 1961.